LONDON (Reuters) – Private equity firm TPG and Russian state-owned firms Rosatom and Transneft on Friday won their bid to block jailed tycoon Ziyavudin Magomedov’s $14 billion London lawsuit over an alleged conspiracy to strip his assets.
Magomedov sued the companies and several others at London’s High Court, alleging his 2018 arrest on embezzlement charges prompted a Russian state-supported scheme to strip him of his holdings in valuable port operators.
The defendants all denied the allegations and last year argued that the lawsuit should be thrown out, with TPG’s lawyers accusing Magomedov of concocting “preposterous allegations”.
Judge Robert Bright ruled that the case should not continue, saying in a written ruling that there was “no serious issue to be tried” against TPG or Transneft and that any case against Rosatom should be heard in Cyprus.
(Reporting by Sam Tobin; Editing by Sachin Ravikumar)
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