Indian diamond heir forced to give $7 BILLION to his brothers in America’s most expensive sibling squat arrives at court with a face like thunder as judge weighs whether they should get even MORE money
A real estate magnate and heir to an Indian diamond fortune tried to downplay his vast real estate empire so he won’t have to pay his brothers more than the $7 billion a jury ordered him to pay.
A frustrated Haresh Jogani took the stand at a Los Angeles courthouse on Monday, saying he “didn’t know exactly” how much his various real estate investments and assets were worth.
“Like I said before, zero… minus,” Jogani said when his lawyer asked him about the value of one of his companies, JK Properties.
A jury ruled last week that Jogani must pay his four brothers – Shashikant, Rajesh, Chetan and Shailesh – $7 billion for failing to adhere to an oral agreement that would divide the family’s extensive real estate portfolio among the siblings.
The family is back in court to determine damages in the case that could see Jogani hand over even more money to his siblings.
Haresh Jogani testified in court in Los Angeles on Monday that the value of one of his real estate companies was “zero.” He testified after a jury ordered him to pay $7 billion to his brothers in a lengthy lawsuit
The amount he may have to pay could increase significantly after jurors decide on damages this week
The brothers, who inherited a lucrative diamond fortune from their father, have an extensive real estate portfolio that includes more than 170 apartment buildings and 17,000 units in the San Fernando Valley, as well as properties in Texas and Nevada.
Last week, a jury ruled that Haresh had to pay his brothers $7 billion after someone filed a lawsuit 20 years ago. Now jurors must decide how much compensation they should receive.
Judge Susan Bryant-Deason told jurors Monday they must decide whether Haresh “caused physical harm and disregarded the health of others,” including the “weak and vulnerable.”
She also told jurors they could consider “how reprehensible” Haresh’s conduct was when determining the dollar amount for damages.
One of the affected brothers, Shashikant, briefly testified Monday, saying the companies that owned the family’s real estate interests made about $180 million in 2019 alone.
The five Jogani brothers – who range from 50 to 70 years old – have been embroiled in the nasty lawsuit way back in 2003 when Shashikant Jorgani sued brother Haresh for not adhering to their verbal agreement.
Haresh Jogani claimed that he was the sole shareholder of the real estate companies, but the other four brothers claimed that they also had nominal title to the properties.
However, no contract was ever signed between the brothers.
The brothers, who inherited a lucrative diamond fortune from their father, have an extensive real estate portfolio that includes more than 170 apartment buildings and 17,000 units in the San Fernando Valley, as well as properties in Texas and Nevada.
Haresh and his lawyers have been instructed not to undertake any major transactions involving his properties and assets, such as refinancing properties in the huge portfolio.
A jury ruled last week that Haresh must pay Rajesh and Chetan $750 million in damages, plus real estate interests worth more than $1 billion. Shashikant, who initially sued Haresh, was awarded $4.75 billion by jurors.
William Akerman, a forensic accountant, testified Monday that he could not assess how much Haresh earned in his real estate businesses, assets, investments and trusts because Haresh had failed to provide 32 of his tax returns.
He said Haresh also failed to turn over documents for his various bank accounts, including accounts in the United Arab Emirates and Israel.
“There were indications that Haresh got $50 million in 2021 and $100 million in 2022, but we don’t know how that was explained,” Akerman said. “Maybe it’s right in front of me, but I haven’t been given any documentation to find the trail.”
The five Jogani brothers – who range from 50 to 70 years old – have been embroiled in the nasty lawsuit way back in 2003 when Shashikant Jorgani sued brother Haresh for not adhering to their verbal agreement. Pictured: Chetan Jordani leaves a courthouse in California on Monday
A jury ruled last week that Haresh must pay Rajesh (pictured) and Chetan $750 million in damages, plus real estate interests worth more than $1 billion. Shashikant, who initially sued Haresh, was awarded $4.75 billion by jurors
Haresh Jogani claimed that he was the sole shareholder of the real estate companies, but the other four brothers claimed that they also had nominal title to the properties.
Akerman said he believed Haresh was “distributing” his cash flow among his various companies and possibly into offshore bank accounts – despite Haresh claiming his real estate portfolio was worth “negative.”
“Haresh used advertisements to distribute to himself over time,” the forensic accountant testified. “Logic tells me that if you have a negative withholding balance on everything you’ve earned in 22 years, it’s been distributed elsewhere.”
The judge reminded Haresh and his lawyers that he has been ordered not to make any major transactions involving his properties and assets, such as refinancing the more than 170 properties he owns in California.
“I assume that no money will come out of bank accounts, except for regular expenses,” the judge told Haresh and his lawyers.
Haresh is expected to continue his testimony on Tuesday.