Honor Among Dealmakers on Trial in Tussle for Abramovich Shares
- Austrian developer says rival lifted lucrative deal idea
- Defendant Pecik says he pursued deal after talks led nowhere
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Is it legal to a take a business partner’s investment idea and seal the deal all by yourself? That’s the question a Vienna court must ponder after two Austrian investors fell out over the purchase of shares from Roman Abramovich.
Developer Markus Schafferer is claiming at least 108 million euros ($127 million) in damages from Ronny Pecik, a wheeler-dealer in Austria and Switzerland, alleging Pecik stole his investment opportunity when he bought Abramovich’s 11% stake in real estate company S Immo AG. Pecik dismisses the allegations and says he went ahead only after a joint plan collapsed over terms and Schafferer’s lack of financial power.