London court orders oligarch Doronin to step down as Amanresorts CEO
MOSCOW, July 15 (RAPSI) – The London High Court has ruled that Russian property tycoon Vladislav Doronin, a partner in Amanresorts International Pte. Ltd., the UK super luxury hotel operator, must step down as chief executive, The Wall Street Journal writes.
According to the WSJ, Amanresorts was created by Indonesian-born hotelier Adrian Zecha in 1988. To date, it operates 26 resorts, including elite bungalows and private villas around the world.
Zecha sold Amanresorts to India’s DLF Group for $250 million in 2007. DLF put the company up for auction in 2013. Doronin and US businessman Omar Amanat pooled their finances to buy Amanresorts early this year for $358 million, after which they “had a falling out over control of the company,” the WSJ writes.
Doronin said in May that the company’s founder and chief executive, Adrian Zecha, was stepping down and that he would assume the role of CEO. Amanat took the case to court, claiming that Doronin’s move had not been approved by the company’s board of directors.
The London High Court has reinstated Zecha, 81, as chief executive. The ruling reads that the company cannot take any steps to remove Zecha as CEO “until 31st July 2014 (or such time as he is replaced by the Board of Directors if later).”