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Latest News
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Billionaire businessman in ownership dispute loses court secrecy protection
Moves by Russian billionaire and oligarch Vitaly Orlov to keep secret a worldwide freezing order worth £266m has been recently rejected by the High Court in London. in the latest twist in a dispute over the ownership of a fisheries company being heard in London. Orlov’s attempts to keep the freezing order secret is the latest chapter in a long-running dispute over the ownership of fisheries company Norebo Group. The freezing order was obtained by former business partner Alexander Tugushev as part of the protracted legal dispute to secure his one third share of the Murmansk based business. It was argued by Orlov’s legal team that Tugushev should not able to reveal details of the global freezing order to related business partners and parties without Orlov’s consent or the permission of the court, claiming that this would effectively be self-incrimination. Alexander Tugushev,... Read More
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Force India F1 team set for High Court legal dispute with administrator
Formula One, the world’s premier motorsport championship looks likely to be plunged into a legal battle soon after a prospective buyer of the Force India F1 team considers suing administrators over “serious concerns about the conduct of the bid process.” Russian company Uralkali, made a serious bid to buy the team after Force India fell into administration in this summer. The team had been owned by charismatic Indian entrepreneur Vijay Mallya, Dutch businessman Michiel Mol and Indian conglomerate Sahara. Mallya, who is currently the subject of extradition proceedings by the Indian Government to force his return to the UK from India, was worth an estimated $1.5 billion at his peak in 2010, but his fortunes have declined significantly since then. The Uralkali bid ultimately failed, with the administartors agreeing a sale of the mid-table team to a consortium led by Lawrence... Read More
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New EU copyright law threatens user generated content
A recent decision by the European Parliament approving a new copyright law could have major implications for online user generated content and may even ‘destroy the internet as we know it’ according to user groups. The changes to the EU Copyright Directive were recently voted in by MEP’s in Strasbourg. The vote has added additional clauses to the existing legislation, namely Articles 11 and 13, dubbed by independent commentators as the ‘link tax’ and ‘upload filter’. The legislation has been updated to bring EU copyright law up to date and fit for purpose for the internet age, and as is so often the case with such changes, its impact is likely to be far greater than originally intended. The decision will now be presented to the 28 EU countries before finalising the detail in law. The new laws will allow companies to... Read More
