Hunnewell Partners: Statement Concerning First-Instance Court Ruling in UK

LONDON–(BUSINESS WIRE)–Mrs Justice Cockerill yesterday delivered her ruling in the Phase 2 trial relating to Mr Jaffe’s claims against Hunnewell and its founding partners. The purpose of the trial had been to determine financial liability, with the judge having already ruled in 2018 that the partners were in breach of certain fiduciary obligations to Mr Jaffe when their business relationship with him came to an end in 2011.

Hunnewell and its partners agree with aspects of yesterday’s judgment, although they will be fully considering other important parts of it to be appealed. The judgment is therefore another stage in a long dispute which continues. While this continuation is regrettable for all the parties, we remain satisfied that our case on the important issues is strong. It therefore remains to be seen what final amount is due to Mr Jaffe.

There has been no ownership claim on any of Hunnewell’s portfolio businesses in Georgia or elsewhere. It is important to emphasise that yesterday’s judgment does not relate to the structure, operation or ownership of those businesses.

The judgment makes no findings of dishonestly or fraud, and has rejected large parts of Mr Jaffe’s financial claims. He was claiming compensation which Hunnewell argued was obviously disproportionate. The award made yesterday is substantially less than that sum, with some aspects still to be resolved at a further hearing. Nonetheless, we will be investigating the apparent grounds for appeal and would then seek permission to take our case to the Court of Appeal.

Hunnewell remains extremely proud of its work over many years helping the widow and children of the late Badri Patarkatsishvili to recover their assets and achieve justice in many parts of the world. This included successful litigation against certain Russian oligarchs, among others.

Hunnewell is equally proud of the work done in recent years, stewarding some of Georgia’s most important enterprises, and looks forward to steering their growth in the years ahead.
Contacts
Media enquiries:Palatine Communications, London: Conal Walsh / Amy Murphy / Andreas Grueter / Richard Seed
hunnewell@palatine-media.com