Norwegian billionaire Alexander Vik has failed to overturn a conviction for lying to a UK court during a £285m dispute with Deutsche Bank.
Deutsche Bank first sued the magnate’s company, Sebastian Holdings, back in 2009 over a series of loss-making foreign exchange deals, and the court has since ordered the firm to pay $243m (£203m) in damages and 85 per cent of its costs, taking the claim to around £285m.
But after struggling to recover debts from Sebastian Holdings, the lender pursued Vik directly.
High Court judge Jane Moulder later convicted Vik of contempt of court after he lied about the extent of his knowledge of Turks and Caicos Islands-registered Sebastian Holdings, and failed to hand over further information about the firm’s assets.
Moulder said, however, that the “ultra-high-net-worth individual” should be allowed to avoid prison as long as he provides the information required.
Vik later tried to overturn the High Court’s ruling, arguing Judge Moulder was wrong to convict him and that the sentence imposed on him was too severe.
But on Friday the Court of Appeal upheld Judge Moulder’s decision against the Monaco-based businessman and maintained that Vik should only be allowed to avoid prison if he provides the information concerning Sebastian Holdings’ assets.
The bank is pursuing multiple claims around the world against Vik, including through courts in the US state of Connecticut where Vik owns an eight bedroom home.
Deutsche Bank and lawyers for Vik were approached for comment.