Morning:
14°c
Oligarch shuns London listing
Will Stewart09.07.08
Controversial Russian oligarch Oleg Deripaska has chosen Hong Kong over London to float his firm SMR, which owns his mineral assets.
Deripaska wants to float at least 25% of the shares in Hong Kong where, he said, there were fewer "legal" difficulties than London, and the market was "less regulated".
The announcement came after Mr Justice Christopher Clarke ruled in the High Court that Michael Cherney, a figure in 1990s privatisations of the Russian aluminium industry, could sue Deripaska in London, rather than in Russia.
Cherney is seeking £1.5 billion he says he is owed from a 2001 business agreement. He claims Deripaska owes him at least £2 billion for a 13.2% stake in Russian aluminium producer RusAl.
The Judge said Cherney had made a "good arguable case" of the risks of holding the proceedings in Russia, such as "assassination, arrest on trumped-up charges and lack of a fair trial".
Deripaska said he was "seeking leave to appeal" the decision.
