MOSCOW, January 11 (RAPSI) – Businessman Dmitry Tsvetkov has submitted to the High Court of Justice in England his defense against a claim of Rustem Magdeev, his former business partner in certain dealings concerning a diamond and jewellery Graff business.
Mr. Magdeev submitted his claim yet in December 2017 demanding Mr. Tsvetkov to repay an alleged debt amounting to £12,1 million.
Mr. Tsvetkov denied he had any liability to Mr. Magdeev “as alleged or at all.” He, in turn, asserted counterclaims and additional claims against Mr. Magdeev arising out of the same dealings and business relationships, explaining to the court that the claims against him were initiated due to a bad financial standing of his former partner.
According to the document Mr. Tsvetkov presented to the court, as seen by RAPSI, he started a business indicated as "the Graff Business" for the litigation purposes, which was trading in jewellery products manufactured by Graff Diamonds Ltd (hereinafter "Graff”) in 2011, whereas Mr. Magdeeve invested in it in June 2013.
As the business developed, Mr. Tsvetkov alleged, he incorporated in Dubai EK Diamonds, initially owned by his wife Ms Elsina Khayrova, to carry on the Graff Business. At about the same time Mr. Magdeev also introduced Mr. Tsvetkov to Mr. Emil Gaynulin, who subsequently also became a co-investor in the Graff Business, the document reads.
In October and November 2014 Graff offered Mr. Tsvetkov additional discounts on its products if he could arrange for a further US$30 million investment. Graff also offered him the opportunity to open a franchise in Cyprus. In order to operate the new Graff franchise, Mr. Tsvetkov founded a new company, EKLG, which in December of 2014, which was appointed the sole and exclusive distributor of Graff products in Cyprus; however it was closed after three years of operation.
According to Mr. Tsvetkov, Mr. Magdeev invested in their business not his own money and had to repay it at some time. During the second half of 2016 Mr. Magdeev placed increasing pressure on him, Mr. Tsvetkov alleged, to buy out his share of the Graff Business and thereby extricate Mr. Magdeev from his financial difficulties.
Mr. Tsvetkov also alleged that in April 2017 Mr. Magdeev threatened him with legal action and at a meeting in Cyprus he appeared in company with an individual well-known for his associations with organised criminal groups.
Basing on information provided by Russian mass media outlets, this individual could be a certain Radik Yusupov, who had been earlier convicted for murder and released on parole.
It is believed Yusupov was the leader of a criminal group, which was proved in court to murder 12 people and it was reported that he admitted his guilt.
A Russian newspaper “Sobesedink” reported that a litigation between Mr. Tsvetkov and Mr. Magdeev was also underway in Cyprus. Mr. Tsvetkov alleges that Mr. Magdeev has embezzled $1,3 million planned for investment in a defense enterprise in Tatarstan. In the course of the litigation the court arrested certain assets owned by Mr. Magdeev.