Update. This article was updated after the original source of the story changed the amount of compensation.
Moscow-based top private equity fund manager, Da Vinci Capital, is seeking millions of dollars in compensation from Telegram CEO, Pavel Durov, over the failed launched of the Telegram Open Network (TON), Forbes has learned, citing sources, familiar with the matter. The notice also sent to Telegram Vice President, Ilya Perekopsky, along with other top managers and lawyers of the TON project.
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According to Forbes, the fund manager gave Telegram two weeks to compensate the amount. If Telegram ignores the notice, the investor reportedly plans to take it to a London court. According to Russian media outlet RBC, the investor is seeking to reimburse $20 million.
The lawyers of Skadden's London office believe such claims have little chance of success, since the agreement was clearly stipulated as expenses and risks. If a claim is filed, this will have to be done in arbitration (LCIA) as this method of resolving conflicts is determined by the contract.
As iHodl reported in February, Telegram planned to raise at least $1 billion through convertible bonds among a selected circle of investors from Russia, Europe, Asia and the Middle East. The minimum amount to participate was $50 million. In May last year, the Telegram CEO announced the closure of the TON after the US court held that the company violated US securities laws when it allowed investors from the US to participate in its private ICO back in 2018.
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