Legend International Holdings Inc., a company controlled by Australian businessman Joseph Gutnick, filed for bankruptcy protection in the U.S. to deal with a $12.3 million loss in a legal fight with India’s largest fertilizer collective, Indian Farmers Fertiliser Cooperative Ltd, reports The Wall Street Journal .
One of the Directors of IFFCO heading its legal department Rajendra Prasad Singh has meanwhile tweeted that the Legend International Holdings has lost its latest battle in the Australian court.
R P Singh tweet read “Legend International has lost one more battle against IFFCO and KIT in the Australian Court.”
Court of Appeal, Australia had earlier this year ordered in favour of IFFCO-KIT in an appeal over 57million dollar in the ensuing fertilizer fight. Joe approached higher court of Australia which again ordered in favour of the IFFCO.
In 2008 Mr Gutnick and his business partners entered into a $103 million deal to supply Queensland phosphate to IFFCO. The deal fell apart after Legend International failed to deliver the phosphate.
A case that started in Singapore has ended finally in the higher court of Australia bringing in little relief for Joe who also tried to negotiate the matter out of court with IFFCO. Now he has filed for bankruptcy protection in USA.
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.