Hedge Fund Seeks $70M At Trial For Oil Refinery Deception

Law360, London (November 14, 2019, 7:37 PM GMT) -- Hedge fund RP Explorer Ltd. argued at a London trial on Thursday that an Indian businessman should pay more than $70 million for selling securities he claimed would support the acquisition of an oil refinery that never materialized.

The litigation brought by RP Explorer in the High Court seeks damages against Sanjay Malhotra for “conspiracy and deceit,” arising out of the hedge fund’s 2007 purchase of securities issued by an Indian company, CALs Refineries.

The securities, global depository receipts, were purchased on the secondary market. RP Explorer told the court that the securities were issued to raise capital for the acquisition...

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