LONDON, April 15 (RAPSI) – The London High Court held in favor of wealthy Russian businessman Kirill Pisarev on Thursday in a case involving a disenfranchised yacht brokerage’s claim for commission on the sale of his superyacht, according to court documents obtained by RAPSI.
According to the complaint, in May 2010 brokers with Moran Yacht & Ship, Inc. showed Pisarev’s yacht to Alexander Miliavsky, described in the judgment as “another wealthy Russian.”
A company controlled by Miliavsky agreed to buy the yacht from a company controlled by Pisarev in February 2012, for EUR 19.8 million.
Miliavsky did not contact the brokers at any point after their May 2010 meeting.
However, the brokers claim that they showed the yacht to Miliavsky in accordance with Pisarev’s instructions in May 2010, and thus effectively caused the sale. Thus, they argued, they were entitled to commission.
The court asserted that the commission rate would have been 4% of the sale price, or EUR 792,000.
Pisarev argued to the contrary that the brokers showed Miliavsky the boat at their own initiative, not on his instructions. He further argued that the brokers did not effectively cause the sale.
The court found that there had not been express instructions in May 2010 to present the boat. As the Moran brokers had previously sought to drum up business on various occasions or putting together a deal without express instructions to do so.
Given the circumstances, “there is nothing implausible about the idea that Moran should seek to interest buyers in the yacht with a view to presenting Mr Pisarev with an offer,” the judgment said.
The judge further found that there was no sufficient connection between Miliavsky’s May 2010 visit and the 2012 uprchase of the vote. “His visit was part of the history, but no more than that,” the judgment stated.
The court concluded, “For the reasons given above Moran’s claim fails. It was not instructed to market the [yacht] in May 2010 and, even if it had been, it was not an effective cause of the eventual sale to Mr Miliavsky’s company. There is no basis for a claim against Mr Pisarev personally.”