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.
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.
In 2008 Mr Gutnick and his business partners announced a $103 million deal to supply Queensland phosphate to IFFCO for its Paradeep plant. Under the deal, IFFCO was to invest the $103 million over two years through shares and options in Legend International, reported The Sydney Morning Herald.
Dr Awasthi also congratulated the Singapore legal team tweeting “ Also, Congratulations to #SarjitGill & Team of #Shooklin&Bok of #Singapore who dedicatedly worked with #IFFCO #KIT for this legal victory.”
Dr. U S Awasthi also Congratulated Director(HR & Legal) R P Singh and his team” Congratulations to #R P Singh @rajen5153 #Manish Gupta #M C Gupta #Sanjay Gupta & entire legal team of #IFFCO, #KIT 4 d legal victory over #Legend.”
In the next tweet he says “This legal victory of #IFFCO over #Legend Intl signifies true professionalism in it’s
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.