Putin ally could face jail over £74m High Court ruling

A VLADIMIR PUTIN ally should be jailed for breaching the terms of a £74million High Court order, a rival Russian oligarch claimed yesterday.

Oleg Deripaska, an aluminium tycoon accused by US authorities of laundering money for the Russian president, last year lost a high-stakes legal battle with Vladimir Chernukhin, a former Russian finance minister, over the ownership of a factory.

The bitter dispute centred on an allegation that Mr Deripaska had orchestrated an “armed takeover” of the Trekhgornaya Manufaktura textile factory, known as TGM, in central Moscow, which the pair jointly owned.

A High Court judge ruled against Mr Deripaska in February last year, ordering him to pay £74million to his former business partner for control of TGM.

Yesterday the oligarchs returned to court, where Mr Chernukhin claimed Mr Deripaska had not abided by his undertakings to the court and should be committed to jail.

Lawyers representing the Russian politician claimed shares registered in Jersey and said by Mr Deripaska to be worth around £186 million had been moved “beyond the reach of the English High Court”.

They claim the move was in breach of High Court undertakings.

Mr Justice Baker is expected to spend four days hearing submissions from both parties as part of “committal to prison” proceedings.

Once Russia’s richest man, Mr Deripaska, 52, faced sanctions in the US after accusations that he had helped Mr Putin launder money.

He dismissed the claims – which were also disputed by the Russian leader’s spokesman – as “unsupported allegations”.