A Hong Kong High Court Judge ordered Magnus Roth, one of the founders of the Russia's Norebo Group, to buy out Vitaly Orlov from his holding in the company Hong Kong Three Towns Capital (TTC).
Orlov and Roth are equal shareholders in TTC, and each accuses the other of unfair conduct, court documents show.
There is currently a buyout order where both parties agree that Roth should buy out Orlov, according to the legal proceedings, however the price is still undecided, a subject close to the source told IntraFish.
The Hong Kong High Court judge likens Orlov and Roth's dispute "to a matrimonial divorce, noting it was difficult and emotional," a source close to the case told IntraFish.
TTC was formed in Hong Kong back 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.
Since July last year, the High Court of London has been holding a trial against Orlov, one of the owners of the Norebo fishing company.
His former partner Alexander Tugushev claims he was deprived of a 33 percent stake in the company, worth about $350 million (€317,000).
The latest update occurred on Aug 16. whereby the UK appeals court rejected an application from Orlov for permission to appeal a judgement allowing a lawsuit by his business partner Tugushev to proceed in London, as decided earlier in March.