The billionaire Leonard Blavatnik (41th in the Forbes global ranking of billionaires with the fortune of $20.2 billion) settled a dispute with the German multimillionaire Lars Vindhorstom for €60 million. The Wall Street Journal published this information citing the court.
Blavatnik's AI International Holdings (BVI) Ltd., a member of the Access Industries group, sued Vindhorsta the last year. The company claimed that the businessman had violated the agreement to repurchase tens of millions of dollars of bonds. It means the securities issued by Vindhorstom-related companies, including Sapinda Invest Sarl, says the publication.
In October 2016 the German businessman admitted that he had not fulfill the agreement. On January 30, the court had to determine the value of the bonds they had bought, to assess the damage.
However, in the court both parties stated that Vindhorst agreed to pay the full amount of the AI International: 60 million plus interest within 28 days. The judge ruled that the businessman must also pay the most of the costs of litigation. Sapinda Holding spokesman said the company always tried to avoid legal disputes and attempted to settle any claim amicably.
Access Industries, which Blavatnik founded in 1986, is a private company, owning assets in the energy, telecommunications, real estate and media. Vindhorst and Sapinda Holding BV have invested in energy, mining, media and other sectors.