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TPG and Transneft dismiss the $14 billion UK lawsuit of a Russian mogul in prison

The private equity firm TPG, along with the Russian state-owned companies Rosatom and Transneft, won Friday their bid to stop Ziyavudin Magiomedov from bringing a $14 billion London suit against him for an alleged conspiracy involving his assets.

Magomedov filed a lawsuit against the companies, as well as several others in London's High Court. He claimed that his arrest for embezzlement on charges from 2018 triggered a Russian government-sponsored scheme to strip him his valuable port operators.

All defendants denied the allegations, and TPG's attorneys argued last year that the case should be dismissed. They accused Magomedov of making "preposterous accusations".

Judge Robert Bright decided that the case would not proceed, saying that "no issue of serious importance" was to be resolved against TPG and Transneft. He also said that any case brought against Rosatom must be heard in Cyprus. (Reporting and editing by Sachin Ravikumar; Sam Tobin)

(source: Reuters)