A litigation funder has reached a confidential settlement with the estate of late Finnish mining investor Mohamed Abdel Raouf Bahgat, ending a £16.74 million ($21.2 million) legal fight over proceeds from a long-running arbitration case against Egypt.
The High Court of Justice of England and Wales finalized the settlement on Tuesday, officially closing the multimillion-pound dispute, court records show.
Mining Investor’s $43.8M Arbitration Victory Sparks Legal Clash
Bahgat secured a $43.8 million arbitral award in 2019 from a tribunal in The Hague after his iron ore project in Egypt was shut down by the government two decades earlier. With interest, the award ballooned to $115 million by August 2020. After years of enforcement battles, Bahgat ultimately settled in November 2021 for a $99.5 million payout.
Buttonwood Legal, a third-party litigation funder, had financed the arbitration with an initial £2.3 million commitment in 2011. However, in 2022, Buttonwood took legal action in the High Court, claiming it had yet to receive its share of the award.
