10 September 2012, 11:36

Abramovich’s lawyer to get record $12 million fee

Abramovich’s lawyer to get record $12 million fee

British lawyer Jonathan Sumption, who defended Russian oligarch Roman Abramovich in the litigation battle initiated against him by his billionaire countryman Boris Berezovsky, will receive a lavish reward of £7.8 million ($12 million), The Sunday Times reports.

Mr. Sumption will get £5.8 million for his pre-trial preparation work and performance during the trial, as well as some £2 million for the reservation of his services, making a record total, which equals to an annual salary of 45 Supreme Court justices.

Meanwhile the loser will have to pay all the legal bills for this process. According to The Sunday Times, Berezovsky paid four times less than his rival and will now be obliged to part with a much larger sum of money than expected.

Mr. Berezovsky was reportedly “stunned” on receiving the bill from his advocate, which allegedly amounted to as much as £100 million ($160 million).

The lost litigation has undermined the fugitive Russian oligarch’s financial resources, The Sunday Times has said, claiming Berezovsky may soon face bankruptcy.

Judge Elizabeth Gloster’s ruling in Abramovich's favour has ruined Berezovsky’s chances of putting his financial record straight at the expense of his fellow oligarch, after the judge rejected his 6-million-pound claim.

Sky News has estimated Berezovsky’s fortune at several hundred million dollars. In 2001, the billionaire fled Russia for the UK after being accused of economic crimes.

newsru.com 

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