A UK court has struck down a $5.5 billion lawsuit filed against Russian billionaire Roman Abramovich by his former partner Boris Berezovsky. The case recalls the 1990s disputes over Russia's natural resources.
Judge Elizabeth Gloster ruled that Russian businessman Roman Abramovich, the billionaire owner of the Chelsea Football Club, will not pay the huge sum to the self-exiled Russian tycoon Boris Berezovsky.
Berezovsky may file an appeal against the verdict.
This verdict closed a case that shed light on the secret world of oligarchs: Unimaginable sums of money, offshore bank accounts, illicit payments, glamour, luxury cruisers and deals done by handshake alone.
Since both men live in the UK, the warring billionaires brought their case to a London court – along with their entourages of high-priced lawyers, menacing bodyguards and beautiful women.
The two businessmen accused each other of lying, corruption, greed and dishonesty, and also leveled allegations of threats of physical violence have also been voiced.
Berezovsky claimed Abramovich used his close ties with Kremlin to intimidate his former partner and forced him to sell Russia's fourth biggest oil company for a fraction of its value. In 2002, Berezovsky sold the Sibneft oil company to Abramovich for $1.2 billion.
Roman Abramovich denied the charges, claiming that Berezovsky never owned shares in the company. Abramovich alleged he was paying the exiled oligarch for political protection.
In Russian criminal slang, a protection racket is called a 'krysha' (roof). As the result of this case, the word is widely used in UK legal circles.
The case brought to mind many of the grim perils of doing business in the violent, post-Soviet Russia. Commentators speculated on the idiosyncrasies of the criminal slang used by the Russian mafia in the 1990s, the same vernacular used by the Russians who elbowed their way into the ranks of the oligarchs.
Abramovich said he made regular undocumented payments to Berezovsky in return for political protection, totaling several hundred billion dollars. The payments were made in $5 million cash increments.
He also revealed he paid for Berezovsky's travels on a private jet, as well as for luxurious living accommodations and even jewelry for Berezovsky's girlfriend.
Berezovsky made a fortune through his close ties to the late Russian President Boris Yeltsin.
While Yeltsin was in office, Berezovsky spent more time in the Kremlin than any other Russian executive, and was rumored to be Yeltsin's personal family broker. When Putin was elected president of Russia in 2000, Berezovsky was disgraced, and was forced to flee to London, where the UK granted the former tycoon political asylum.
The UK denied Russian demands to extradite Berezovsky, despite his being charged with guilty verdicts for numerous economic crimes.
The trial was one of the biggest in British history, costing tens of millions of pounds in legal fees on both sides and involving hundreds of hours of court time.
RT News