Inquiry into oligarchs' alleged collusion to take control of British firm
Billionaires investigated by Takeover Panel over 'raid on oil and gas firm JKX'
The Takeover Panel is investigating the activities of three oligarchs, including the father of Roman Abramovich's art-collector girlfriend, over allegedly covering up their collusion in a suspected plot to take control of the British oil and gas explorer JKX, The Independent has learned.
If the panel finds against the three men, it has the power to force them to sell down their shareholdings and will be seen as a serious black mark on their investment activities.
Two of the men, London-based Gennadiy Bogolyubov and Igor Kolomoisky are next year set to be sued in the High Court by another billionaire, Victor Pinchuk, over their alleged seizure of a business.
The third man is Alexander Zhukov, the father of Mr Abramovich's girlfriend, Dasha Zhukova.
The panel has been examining formal disclosure filings made under UK corporate rules by Mr Zhukov through his Glengary vehicle and Mr Bogolyubov and Mr Kolomoisky's Eclairs investment firm. The filings gave the impression they were not acting together as a "concert party" during an alleged raid on the British oil and gas explorer JKX. But JKX management claimed they were.
JKX feared that the men were working together in an attempt to use their two combined stakes in the business to take control on the cheap, without launching a full and proper takeover.
It issued requests for them to disclose any collaboration. They responded in their formal documents that there was none.
Details of their responses emerged in a High Court case over the summer which the oligarchs brought against JKX, accusing it of unfairly blocking their voting rights.
The oligarchs won the case – a decision which JKX is currently considering appealing against. But Justice Mann's judgment concluded "the Kolomoisky, Bogolyubov, Zhukov … responses were inaccurate. Those of Eclairs and Glengary will also be rendered inaccurate. None of them revealed the arrangements or agreements that the board reasonably believed to exist, and enough of them were inaccurate to give rise to the possibility of suspending the shares".
The Takeover Panel and representatives of Eclairs declined to comment.
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