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Gaydamak to pay NIS 50 million for abandoning phosphate deal By Amit Benaroia Tags: Joseph Troim, Arcadi Gaydamak An arbitrator has ordered businessman Arcadi Gaydamak to pay NIS 50 million to local businessman Joseph Troim, ending the dispute over the sale of a phosphate plant in Kazakhstan. Troim had sued Gaydamak for NIS 98 million in Tel Aviv District Court in 2003, saying the tycoon had bought 95% of the floundering Kazakh plant. Gaydamak was expected to rehabilitate it with the help of his contacts and agreed to pay $22 million, Troim claimed, but halted payments after handing over just $3 million, and then abandoned the project. Troim said Gaydamak had urged him to transfer ownership of the company to him before the full agreed amount had been paid. After Troim sued, Gaydamak filed a NIS 120 million slander suit. Shortly thereafter he withdrew the slander suit and agreed to an arbitration process. Advertisement In a detailed, 150-page decision, arbitrator Dan Arbel rejected most of Gaydamak's claims, and last Thursday ordered him to pay about NIS 50 million. Sources near Gaydamak describe the ruling as a temporary setback. Gaydamak himself intends to appeal the decision before a panel of court appointed arbitrators. Nevertheless, only legal arguments may be raised during the appeal proceedings. Gaydamak is due to file his appeal within 15 days, and a decision is expected within 15 days after that. If Gaydamak does not file a suspension of proceedings against the decision, he will have to pay the amount awarded by Arbel within a month. Bookmark to del.icio.us   An astounding 'no' Palestinians reject PM's offer to return 93% of West Bank, calling it a 'waste of time.' No friend of ours Iranian VP gets summoned by parliament for saying Iran is a friend of Israel's.

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