LONDON, Sept 27 Russian billionaires Oleg
Deripaska and Michael Cherney have reached an out-of-court
settlement in a dispute over a billion dollar slice of the
world's largest aluminium producer RUSAL, shortly
before they were due to give evidence in a drawn-out London
"Mr. Deripaska announces that Mr. Cherney's litigation in
London against him has been terminated," a spokesperson for
Deripaska said in a brief statement. "Neither party will be
making any further comment in relation to the litigation or
matters raised therein."
Cherney, who now lives in Israel, alleged Deripaska reneged
on a deal to buy him out of their joint aluminium business.
Deripaska, who controls RUSAL and is a survivor of President
Vladimir Putin's crackdown on powerful oligarchs, denied ever
having had a business relationship with Cherney.
Deripaska said he had been the victim of a protection racket
that Cherney had helped orchestrate. Cherney, who denied the
allegation, was due to be cross-examined for eight days from
next Tuesday, via video-link from Israel.