09:44 GMT +3 hours24 November 2014
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Cherney Drops Claim Against Tycoon Deripaska

Business
(updated 18:28 28.10.2014)
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Aluminum tycoon Oleg Deripaska confirmed on Thursday that fellow oligarch Mikhail Cherney had dropped a claim against him, after the two men settled their high-profile dispute outside of court, a representative said in a statement.

Aluminum tycoon Oleg Deripaska confirmed on Thursday that fellow oligarch Mikhail Cherney had dropped a claim against him, after the two men settled their high-profile dispute outside of court, a representative said in a statement.

 

Both parties, however, have remained tight-lipped on the details.

 

Cherney was claiming a 20 percent stake – worth about $1.6 billion – in Derispaska’s aluminum giant RUSAL in a long-standing dispute dating back to the 1990s.

 

The hearing against Deripaska was scheduled to resume on Thursday, but was suddenly postponed until October 2.

 

Cherney claimed Deripaska signed over a stake in the company in 2001, while Deripaska denies the men were ever business partners.

 

The case was the second high-profile suit between Russian oligarchs to have taken place in a London court recently. Russian businessman and Chelsea FC owner Roman Abramovich won a suit earlier this month brought by his former friend and vehement Vladimir Putin critic Boris Berezovsky.