Andrey Rogachev v Mikhail Goryainov

Andrey Rogachev v Mikhail Goryainov

The balancing payment must be calculated by converting RUB investments and drawings at the rate prevailing at the time of each transaction, reflecting the joint venture's US$ accounting. Disputed capital expenditure items are excluded due to lack of evidence and reliability. Declarations as to ownership are granted to prevent future disputes, and orders are made to extinguish technical loans and effect ownership transfer. Mr Rogachev is ordered to pay the balancing sum and costs, with costs assessed on the indemnity basis due to unreasonable conduct. Interest is awarded at US Prime plus 2% and at the Judgments Act rate after four months.

Parties
Claimant: Andrey Rogachev; Defendant: Mikhail Goryainov
Jurisdiction
England and Wales
Judgment Date
16 January 2025
Procedural Posture
Commercial Joint Venture Dispute / Post Trial Consequential Judgment
Outcome
Balancing payment ordered from claimant to defendant; declarations and orders granted; costs awarded to defendant on indemnity basis.
Legal Topics
Currency Conversion, Capital Expenditure, Ownership Declarations, Technical Loans, Costs and Interest, Partnership Dissolution
Commercial Law Partnership Law International Law Currency Conversion Capital Expenditure Ownership Declarations Technical Loans Costs and Interest +1 more

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Parties

Andrey Rogachev

Claimant

Mikhail Goryainov

Defendant

Procedural Posture

Commercial Joint Venture Dispute / Post Trial Consequential Judgment

Legal Issues

  1. 1 Appropriate method for currency conversion of investments and drawings
  2. 2 Assessment of cash capital expenditure
  3. 3 Declarations and orders regarding ownership and termination of joint venture

Ratio Decidendi

The balancing payment must be calculated by converting RUB investments and drawings at the rate prevailing at the time of each transaction, reflecting the joint venture's US$ accounting. Disputed capital expenditure items are excluded due to lack of evidence and reliability. Declarations as to ownership are granted to prevent future disputes, and orders are made to extinguish technical loans and effect ownership transfer. Mr Rogachev is ordered to pay the balancing sum and costs, with costs assessed on the indemnity basis due to unreasonable conduct. Interest is awarded at US Prime plus 2% and at the Judgments Act rate after four months.

Court Disposition

Balancing payment ordered from claimant to defendant; declarations and orders granted; costs awarded to defendant on indemnity basis.

Orders

  • Balancing payment of US$12,671,497 to be paid into court by 10 January 2025.
  • Declarations of ownership for all markets except K25; order for execution of documents to transfer K25/Avest ownership to claimant.