Sanctioned Billionaire Andrey Guryev Triumphs in London Lawsuit

Sanctioned Russian billionaire Andrey Guryev won a lawsuit in London against his former friend, Alexander Gorbachev, who had claimed a significant stake in Guryev's shares of Phosagro. The court dismissed Gorbachev's case, which was based on alleged oral agreements made in the mid-2000s.

Sanctioned Russian billionaire Andrey Guryev emerged victorious in a London lawsuit brought by his former friend, Alexander Gorbachev, over a substantial stake in one of the world's largest fertiliser producers.

Guryev, who stepped down as CEO of Phosagro in 2022 following his sanctioning by the United States, faced legal action from Gorbachev at London's High Court. Gorbachev asserted a claim to a 24.75% interest in Guryev's shares in Phosagro, currently valued at approximately $1 billion.

Gorbachev based his claim on purported oral agreements, including one allegedly made during a conversation outside a London pub in the mid-2000s. Guryev described the lawsuit as a 'shakedown,' maintaining that Gorbachev relinquished any business interest nearly two decades ago. Judge Mark Pelling dismissed Gorbachev's case on Thursday.

(With inputs from agencies.)