“My next step is to ask for leave to go to the High Court. At the same we have started negotiating with IFFCO,” Mr Gutnick said on Tuesday to Sydney Morning Herald after losing battle once again. He lost appeal over 57million dollar in the ensuing fertilizer fight.
In 2008, to much fanfare, Mr Gutnick and his business partners announced a $103 million deal to supply Queensland phosphate to IFFCO. The deal fell apart after Legend International failed to deliver the phosphate to IFFCO.
A jubilant IFFCO MD Dr. U S Awasthi tweeted”In #Australia. “Joseph Gutnick loses appeal over $57m #fertiliser fight”.
In next tweet he said “Happy that #IFFCO won legal battle against #Legend #Gutnick. Court of Appeal, #Australia ordered in favour of #IFFCO #KIT.
IFFCO that towers over cooperative giants has rubbed the nose of Mining entrepreneur Joe Gutnick and his company Legend International Holdings in it , in a case that started in Singapore and ended finally in the Supreme Court of Victoria in Australia.
Hailing the court decision IFFCO MD Dr U S Awasthi tweeted “ Mr Gutnick, #Legend lost 2 Kisan, Dubai / #IFFCO in legal battle in Supreme Court of #Victoria, on an Arbitration Award 4 US$ 40.4 million.
Earlier, IFFCO had appealed to the Supreme Court of Victoria to enforce a final award issued in Singapore on May 7 by the Singapore International Arbitration Centre after Mr Gutnick and Legend International refused to pay the money awarded to the fertiliser group.
Mr Gutnick made his fortune and earned his nickname “Diamond Joe” through his extensive investments in diamond and gold projects that yielded him some much of personal wealth that he graced the pages of the BRW Rich List for many years, the last time in 2014 when his wealth was estimated at $255 million.