
By John Helmer, Moscow
Gennady Bogolyubov, Victor Pinchuk, and Igor Kolomoisky (lead image, left to right), the three Ukrainian oligarchs who settled their business differences last Friday, were afraid to risk their bank credit lines if a High Court trial, scheduled to commence this week, went ahead. Sources close to the three men say it proved easier for them to agree on a secret money deal between themselves than to trust a British judge to assess their deal-making record in public.
“MAD, Mutually Assured Destruction – that was the outcome if the three oligarchs went into court against each other”, says one source. The sources confirm a report circulating in Kiev and another in Davos that Kolomoisky and Bogolyubov have agreed to pay Pinchuk $500 million in instalments over several years. The money may come from assets jointly owned by Kolomoisky and Bogolyubov; these include Privat Bank, the Nikopol ferroalloy refinery, or the Krivoy Rog iron-ore combine, which has been the focus of the most recent dispute. Pinchuk’s public relations agent in London, William Clutterbuck, released the settlement announcement in a brief email. Lawyers and associates of Kolomoisky and Bogolyubov refuse to speak.
“The fact that this was settled at all,” comments one of Pinchuk’s creditors, “suggests Pinchuk’s case had some merit after all; that he was not about to run out of funding for his legal fees; and the defendants found the allegations about to be aired [in court] unduly embarrassing. This was a fist-fight in the ballroom of a sinking Titanic. Both sides have finally agreed to abandon their primary pursuit and head for the rescue vessels instead. They might even be sharing one.”
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