Jurisdiction(s):
United Kingdom

Valorem v Crisp, High Court of England and Wales: Ex-CEO denies Russian sanctions breach, says company traded in Russia; claims abuse of process and disputes agreement to cease trade

Published on: 23 October 2025

Published by a Law360 reporter

Legal News

Article summary

In a High Court defence dated 9 October 2025 and only recently disclosed to the public, David Crisp, former chief executive of Valorem Group, contends the allegations against him ought to be struck out as an abuse of the court’s process and a ‘contrivance’, and should therefore be dismissed. The firm alleges he breached his duties by continuing to sell products in Russia despite sanctions. His defence asserts Valorem’s High Court claim is disingenuous and the ‘culmination of a campaign’ to ‘drain the defendant financially and emotionally through prolonged court proceedings so he would be compelled to dispose of his shares at a markedly undervalued price’. It further states that Valorem itself kept trading in Russia while sanctions were in force, with chairman David Garofalo’s knowledge and awareness. Accordingly, he says, it cannot amount to a breach of duty for Crisp to have acted likewise. The defence adds: ‘The defendant cannot comprehend how the claimants, and Mr Garofalo in particular, can positively plead that Mr Garofalo was not aware of the claimants’ trading in Russia’...

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