10:54 11.01.2018

Deripaska's company sues Manafort over fraud in relation to investment in Ukrainian companies

Deripaska's company sues Manafort over fraud in relation to investment in Ukrainian companies

Russian billionaire Oleg Deripaska's Surf Horizon Ltd. has filed a suit in New York State court against Paul Manafort and Rick Gates, a spokesperson for the Russian businessman told Interfax.

"The suit to recover losses and the fine was filed in relation to investment made by Surf in a group of Ukrainian companies, Black Sea Cable. The investment was made by Surf after Manafort and Gates had persuaded it was feasible and had also pledged to control its implementation. The investment deal turned to be unsuccessful, more than $26 million was lost without a trace," Deripaska's representative said. He did not specify what the wording "turned to be unsuccessful" means and also did not answer a question whether Surf Horizon belongs to the structures of Deripaska at the moment.

"Last year alone, Surf received access to the evidence indicating that Manafort and Gates not only failed to properly control the implementation of the investment transaction, but secretly made a profit of it," the representative added.

Deripaska's representative announced in March last year when the cooperation between the businessman and President Donald Trump's former campaign manager became the subject of attention of foreign media that there were contracts with Manafort which are now involved in litigation.

"Back in the day, Mr. Manafort indeed provided investment advisory services to Oleg Deripaska within the framework of contracts that dealt exclusively with Oleg Deripaska's business interests. Currently, these contracts with Mr. Manafort are subject to legal proceedings," the businessman's representative. Yet, he did not comment on Wednesday what kind of trial was at issue at that time.

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