Fonds Rusnano Capital SA v CRGF GP Limited

In a lengthy judgment following a trial in 2019, the Royal Court of Guernsey has dismissed Fonds Rusnano’s allegations of fraud and its claim to rescind the partnership agreement relating to CRGF LP.

Fonds Rusnano is part of a Russian sovereign wealth group focussed on making technology investments and was the sole limited partner of CRGF LP, a Guernsey limited partnership with a significant interest in a Chinese ride-hailing company. The defendant CRGF GP was the general partner and was controlled by a former employee of the Rusnano group. The dispute chiefly concerns management and associated fees to which CRGF GP is entitled under the partnership agreement, which Fonds Rusnano unsuccessfully contended CRGF GP had induced by fraud.

CRGF LP has been dissolved on just and equitable grounds and there may be further argument about the distribution of its assets.

You can view the Judgment dated 27 April 2021 here.

Steven Elliott QC and Eleanor Campbell, instructed by Appleby (Guernsey) LLP, assisted Advocate Anthony Williams at the trial on behalf of the defendant, CRGF GP.