LONDON, (Reuters) – Russian billionaires Oleg Deripaska and Michael Cherney have reached an out-of-court settlement in a dispute over a billion dollar slice of the world’s largest aluminium producer RUSAL, shortly before they were due to give evidence in a drawn-out London court case.
“Mr. Deripaska announces that Mr. Cherney’s litigation in London against him has been terminated,” a spokesperson for Deripaska said in a brief statement. “Neither party will be making any further comment in relation to the litigation or matters raised therein.”
Cherney, who now lives in Israel, alleged Deripaska reneged on a deal to buy him out of their joint aluminium business. Deripaska, who controls RUSAL and is a survivor of President Vladimir Putin’s crackdown on powerful oligarchs, denied ever having had a business relationship with Cherney.
Deripaska said he had been the victim of a protection racket that Cherney had helped orchestrate. Cherney, who denied the allegation, was due to be cross-examined for eight days from next Tuesday, via video-link from Israel.