Russian Co. Calls Sale Deal Invalid In Jailed Billionaire's Suit

By Joanne Faulkner (July 20, 2021, 4:22 PM BST) -- Russian company Domidias Ltd. is arguing that a deal to sell a subsidiary to a rival owned by jailed businessman Ziyavudin Magomedov was not a valid contract, hitting back in a High Court lawsuit.

According to Domidias' July 9 defense recently made public, a 2012 option agreement to sell the entire share capital of Merbau Synergy Ltd. to Sian Participation Corp. expired in 2019. The two sides then worked on negotiating a new deal, but it was never ratified, the defense said.

"The document to which the claimants refer as the '2019 Option Agreement' is not a valid and binding contract...

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