London court rejects Berezovsky's lawsuit against Abramovich
London's High Court rejected Russian businessman Boris Berezovsky's $5 billion lawsuit against Roman Abramovich on Friday, the court's Judge Baroness Elizabeth Gloster said.
Berezovsky sought compensation from Abramovich, accusing the Chelsea football club owner of allegedly forcing him by illegal methods to sell a 50% stake in Sibneft at a lower price.
Berezovsky received $1.3 billion for his shares. Russian gas giant Gazprom (RTS: GAZP) acquired Sibneft for $13.1 billion a few years later, in 2005. Berezovsky claims that he lost approximately $5 billion because of the unprofitable deal.
Abramovich disputed the accusations that he allegedly forced Berezovsky to sell his Sibneft stock at a lower price. According to Abramovich, Berezovsky received the money (more than $2.5 billion) in exchange for political support, but he had no rights to Sibneft stock.
Berezovsky claims that apart from the Sibneft stock, he was forced to sell shares in Rusal and the ORT television station at knockdown prices as well.
The Western media reported that the oligarchs have spent some $158 million in legal fees since the court proceedings began in October 2011.