Arcadi Gaydamak yesterday reached a settlement in the legal battle with Uri Shani, the same day that a French court sentenced Gaydamak in abstencia for arms trafficking.
Gaydamak and Shani settled their dispute through arbitration. Since Gaydamak has been living in Russia for the past few months, the most recent arbitration meetings were presumably held there.
The arbitrator was Adv. Ami Osnat of Epstein, Chomsky, Osnat & Co.
Shani, who briefly served as CEO of Gaydamak's companies in Israel, sued him for 10% of his assets, about NIS 350 million. He also demanded NIS 50 million in damages.
Gaydamak alleged that Shani had caused him immense damage, and countersued him for NIS 100 million. He also demanded that Shani return NIS 19 million in Ocif Investments and Development Ltd. (TASE: OCIF) shares, on which a court placed an attachment in favor of Shani.
The parties reportedly settled at a fraction of the amounts demanded, and Shani will apparently get NIS 10 million from Gaydamak.
Shani resigned as CEO of Shari Arison-controlled Shikun u'Binui Holdings Ltd. (TASE: SKBN) to work for Gaydamak, but soon quit, claiming that Gaydamak was making decisions over his head.
Published by Globes [online], Israel business news - www.globes-online.com - on October 28, 2009
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