Essex Court Chambers’ Richard Millett QC secures liability victory for the Renova Group, headed by Russian businessman Viktor Vekselberg, in a long-running $82 million (£52 million) lawsuit, against mining tycoon Brian Gilbertson over ownership of the Fabergé Egg Company.
A court in the Cayman Islands has ruled that Gilbertson, former chief executive of BHP Billiton, who now runs the investment firm Pallinghurst Resources, had breached his fiduciary duties by seizing Fabergé for himself and other wealthy investors, muscling Renova out of the acquisition from Unilever in 2007.
The victory was only partial in that the judge didn’t award Renova compensation, saying that Fabergé has not been profitable since Gilbertson acquired it.
