High Court Blocks Tycoon's $14 Billion Lawsuit: A Legal Battle Lost

U.S. equity firm TPG and Russian state firms blocked Ziyavudin Magomedov's $14 billion lawsuit in London. The lawsuit accused firms of an alleged conspiracy involving the Russian state to strip Magomedov's assets post his 2018 arrest. Judge Bright ruled there's no serious issue to try.

In a critical legal development, the U.S. private equity firm TPG, along with Russian state-backed giants Rosatom and Transneft, emerged victorious on Friday, effectively blocking a $14 billion lawsuit initiated by the incarcerated tycoon Ziyavudin Magomedov in London. The case revolved around allegations of a conspiracy to divest him of his assets.

Magomedov had taken these companies to London's High Court, claiming his arrest in 2018 on embezzlement charges was part of a larger, state-supported plot to undermine his control in lucrative port operations. The accused parties refuted these accusations, with TPG's legal team branding Magomedov's claims as "preposterous."

Presiding Judge Robert Bright concluded that the case lacked substantive issues to warrant continued court action, dismissing charges against TPG and Transneft and noting Rosatom's matters were unsuited for a London hearing. While TPG expressed satisfaction over the dismissal, Magomedov's representatives conveyed intentions to appeal the decision as they continue to contest his embezzlement conviction.

(With inputs from agencies.)