Family is often equated with a strong support system, especially if someone stays abroad. There are various companies where family members work together as business partners. Sometimes these families end up dealing with clashes over property and finance issues. There are some cases where these clashes have even reached the doors of the court. A similar case had happened in the US, where an Indian-American businessman named Haresh Jogani was asked by the court to pay Rs 20,000 crore as compensation to his own brothers. The dispute went on for about 20 years; finally, a verdict has been declared. The special thing about this case is that it is among the biggest decisions taken by the court in the US in the last decade.
According to reports, five brothers fought a long legal battle over their diamond business and real estate in Los Angeles, USA. Among them, Haresh Jogani ultimately lost in this dispute and was ordered to pay damages of $2.5 billion, that is Rs 20,000 crore, and was also asked to divide the property.
A man named Shashikant Jogani, a resident of Gujarat, went to California in 1969 to set up his business. Thereafter, he made wealth worth thousands of crores through his diamond business in many countries, and also started a real estate business.
In the 1990s, the entire US went through a major recession. At that time, Shashikant Jogani too suffered huge losses in business. To overcome this loss, he took the help of his brothers and made Haresh, Rajesh, Shailesh, and Chetan business partners. After this, apart from the diamond business, everyone started working in the real estate market as well. Together, the brothers built around 17,000 apartment units in the US. But, as times changed, Haresh Jogani established his monopoly on this business empire and broke off the partnership. It was reported that he forcibly removed everyone and refused to give them any share. Then, a case was filed against him by Shashikant.
The case went to the court, and after 18 appeals, many lawyers, and 5 judges later, the LA court found Haresh guilty and ordered him to give Rs 1,367 crore as compensation to Chetan and Rajesh for breaking the diamond partnership, Rs 14,912 crore to Shashikant Jogani for breaking the real estate partnership, Rs 1,939 crore to Chetan, and Rs 2,982 crore to Rajesh.
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