The London High Court quashed a freezing order against Vitaly Orlov, the Russian owner of fishing company Norebo during a hearing related to an ongoing debate over a stake in the company worth £1.2 billion (€1.3 billion/$1.5 billion).
In June, Orlov was seeking ways to overturn a worldwide asset freezing injunction raised against him after former business partner Alexander Tugushev made legal claims in support of both a freezing order both globally and in Russia.
"Tugushev is disappointed the High Court has set aside the worldwide freezing order obtained in 2018 and is considering options in relation to the decision," a spokesperson representing the businessman told IntraFish.
Tugushev will keep pushing his claim in High Court to secure the full value of his ownership interests in the holding company.
Orlov allegedly took out £18 million (€20.2 million/$22.8 million) in dividends days before the freezing order was granted, Tugushev's attorneys claim. His partner, Larisa Shumova, has also been a financial beneficiary despite having no relation to the company.
A hearing will take place on July 31, which will decide the next steps of the case.