Adviser sues former employers for millions

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A financial adviser is suing three billionaire oligarchs for $26m.

Kirill Stein claims he is owed unpaid fees and interest for his work in raising a loan for the Eurasian Natural Resources Corporation (ENRC) while he was their corporate finance adviser.

His case is against the founders Alexander Machkevitch, Patokh Chodiev and Alijan Ibragimov, as well as three of their children.

Unpaid fees allegedly amount to $18.4m, plus $9m in interest. He has already received $5m from the billionaires, who deny that Stein was hired to work on the floatation – worth $15.5m of the unpaid fees.

ENRC already has a controversial reputation which is said will be even more tarnished if the case comes to court.

The company just closed a deal to buy out its main copper and cobalt mining partner in the Dominican Republic of the Congo after much public pressure, and has investigated allegations of corruption in other countries.

With the change from commission to fees could something like this happen to you?

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