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An actual-estate tycoon and inheritor to an Indian diamond fortune tried to downplay his huge property empire so he does not should pay his brothers greater than the $7billion a jury demanded he fork over.
A annoyed Haresh Jogani took the stand at a Los Angeles courthouse Monday and stated he ‘did not know precisely’ how a lot his numerous actual property investments and property had been value.
‘Like I stated earlier than, zero… minus,’ Jogani stated when requested by his lawyer concerning the worth of one in all his corporations, JK Properties.
A jury final week dominated Jogani ought to pay his 4 brothers- Shashikant, Rajesh, Chetan and Shailesh- $7 billion for not dwelling as much as an oral settlement that may divide the household’s in depth actual property portfolio among the many siblings.
The household is again in court docket to find out punitive damages within the case that might see Jogani handing much more cash over to his siblings.
Haresh Jogani testified in an Los Angeles court docket on Monday that the worth of one in all his actual property firm was ‘zero.’ He was testifying after a jury ordered he pay $7billion to his brothers in a long-standing lawsuit
The quantity he might need to pay might enhance considerably after the jurors determine on punitive damages this week
The brothers, who inherited a profitable diamond fortune from their father- have an intensive actual property portfolio that features greater than 170 condo buildings and 17,000 models within the San Fernando Valley, in addition to properties in Texas and Nevada.
Final week, the jury discovered Haresh ought to pay $7 billion to his brothers after one filed a lawsuit 20 years in the past. Now, jurors should determine how a lot in punitive damages they need to be awarded.
Decide Susan Bryant-Deason advised jurors on Monday they should determine whether or not Haresh precipitated ‘bodily hurt and disregarded the well being of others,’ together with the ‘weak and weak.’
She additionally advised jurors they might think about ‘how reprehensible’ was Haresh’s conduct to find out the greenback quantity for punitive damages.
One of many victimized brothers- Shashikant- briefly testified on Monday and stated the businesses that held the household’s actual property pursuits made about $180 million in 2019 alone.
The 5 Jogani brothers- who vary from 50 to 70 years old- have bee embroiled within the nasty lawsuit way back to 2003 when Shashikant Jorgani sued brother Haresh for not dwelling as much as their oral settlement.
Haresh Jogani claimed he was the only real shareholder of the actual property corporations, however the different 4 brothers claimed they held a nominal title on the properties as nicely.
Nonetheless, a contract was by no means signed between the brothers.
The brothers, who inherited a profitable diamond fortune from their father- have an intensive actual property portfolio that features greater than 170 condo buildings and 17,000 models within the San Fernando Valley, in addition to properties in Texas and Nevada
Haresh and his attorneys have been ordered to not conduct any main transactions associated to his properties and property akin to refinancing any properties within the huge portfolio
A jury final week dominated that Haresh should pay Rajesh and Chetan $750 million in damages plus actual property pursuits valued at greater than $1 billion. Shashikant, who initially sued Haresh, was awarded $4.75 billion by jurors.
William Akerman, a forensic accountant, testified on Monday he was unable to evaluate simply how a lot Haresh made in his actual property corporations, property, investments and trusts as a result of Haresh didn’t present 32 of his tax returns.
He stated Haresh additionally has not turned over paperwork for his numerous financial institution accounts, together with accounts within the United Arab Emirates and Israel.
‘There was a sign that Haresh received $50 million in 2021 and $100 million in 2022, however how was that accounted for we do not know,’ Akerman stated. ‘It is perhaps proper on entrance of me, however I have not been supplied documentation to search out the path.’
The 5 Jogani brothers- who vary from 50 to 70 years old- have bee embroiled within the nasty lawsuit way back to 2003 when Shashikant Jorgani sued brother Haresh for not dwelling as much as their oral settlement. Pictured: Chetan Jordani leaves a California courthouse on Monday
A jury final week dominated that Haresh should pay Rajesh (pictured) and Chetan $750 million in damages plus actual property pursuits valued at greater than $1 billion. Shashikant, who initially sued Haresh, was awarded $4.75 billion by jurors
Haresh Jogani claimed he was the only real shareholder of the actual property corporations, however the different 4 brothers claimed they held a nominal title on the properties as nicely
Akerman stated he believed Haresh was ‘distributing’ his money movement amongst his numerous companies and presumably in overseas financial institution accounts- regardless of Haresh claiming his real-estate portfolio was value ‘adverse.’
‘Haresh was taking advert distributing it to himself over time,’ the forensic accountant testified. ‘Logic tells me when you’ve gotten a adverse retained stability on all the things you have earned over 22 years, it was distributed elsewhere.’
The decide reminded Haresh and his attorneys that he has been ordered to not conduct any main transactions associated to his properties and property akin to refinancing any of the greater than 170 properties he owns in California.
‘I am assuming no cash is popping out of any financial institution accounts aside from for normal bills,’ the decide advised Haresh and his attorneys.
Haresh is predicted to proceed his testimony on Tuesday.
