The billionaire investor Beny Steinmetz must pay geologist Yossi Langotsky 50 million shekels ($14.4 million) in damages for pulling out of an energy deal that would have earned them billions of dollars, a Tel Aviv District Court ruled Monday.
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The court confirmed the award that had been fixed last year in arbitration to settle a dispute between Langotsky and Steinetz’s investment vehicle Scorpio.
Langotsky sought damages after Scorpio pulled out of a partnership that held the rights to a 5% in the Tamar natural gas field in 2010 before drilling got underway. Scorpio’s last-minute exit prevented Langotsky from finding another investor to replace Scorpio. Tamar has since proven to hold an estimated 223 billion cubic meters of gas.
A year later, retired judge Boaz Okun, who was appointed arbitrator in the dispute, concluded that Scorpio had violated an agreement between the two.