A Hong Kong court has ruled that former Norebo partner Magnus Roth will be making an interim payment of $35 million (€31.8 million) to former partner and Norebo Group Owner Vitaly Orlov in order to buy him out of Hong Kong-based holding company Three Towns Capital (TTC).
A Hong Kong judge ruled in September 2019 that Roth was to buy out Orlov from his holding, where the two hold equal ownership.
Roth is to make the interim payment within the next 35 days. According to the ruling, Orlov had originally sought a payment of $49.1 million (€44.6 million), on the basis of figures put forward by Klock and TTC solicitors.
TTC was formed in Hong Kong in 2006 as a holding company for the two businessmen's operations in the United Kingdom, the United States and Russia. However, the company came to own the Ocean Trawlers Group and all fishing companies in Russia owned by Roth and Orlov.
The company has a share capital of $240,000 (€217,000), split into 240,000 shares divided evenly between Roth and Orlov.
Several actions led to the dispute between the two parties. Roth allegedly dismissed TTC staff in Hong Kong without Orlov's consent, while Roth allegedly stopped Orlov from seeing certain financial documents.
Roth allegedly appointed himself as the CEO of the company in order to take over the management of the company from Orlov.