Arcadi Gaydamak's fortunes suffered a further blow last week after an arbitrator ordered him to pay NIS 50 million to Savion-based businessman Yossi Troim, for failing to keep an agreement to acquire a plant in Kazakhstan. The arbitrator, retired Judge Dan Arbel, gave the ruling, after Gaydamak and Troim sued each other and later agreed to refer their dispute to an arbitrator.
In 2003, Troim sued Gaydamak for NIS 98 million. Acting through his lawyers, Adv. Shaul Kotler and Adv. Shahar Harari, Troim claimed that he held 95% of the shares of Aktal, which owns a chemicals group in Kazakhstan with 4,000 employees. Troim said the plant had been struggling and that Gaydamak has acquired his stake in it with the aim of turning it around, thanks to his contacts with local authorities. However, Gayadamak handed over $3 million only out of the $22 million purchase price.
Troim claims he transferred ownership before receiving payment, at the insistence of Gayadamak, who said he knew from his personal association with the Kazakh president Nursultan Nazarbayev that the plant was slated for nationalization. However, at a certain point Gaydamak made it clear that he would not pay the outstanding amount since he had given the Nazarbayev a $5 million bribe to ensure he could continue owning the plant.
Gaydamak countersued for NIS 120 million. Sources close to the Russian billionaire said the arbitration ruling was provisional, and that Troim had received just a third the amount he sued for. The ruling would not be final until Gaydamak's appeal before a panel of three arbitrators had been decided, they added.
Published by Globes [online], Israel business news - www.globes-online.com - on August 11, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008