Court documents in the Excalibur v Gulf Keystone case show that George Panayides was seen as ‘a long-standing and trusted employee’ of the Lemos family. George’s brother Alex was a Clifford Chance partner advising Excalibur. He estimated that Excalibur’s £1b claim against Gulf Keystone over oil in Kurdistan had a 90% chance of success. The claim was a ‘once in a lifetime investment opportunity’, according to the firm. It appeared that Mr Lemos could win up to £320m if the verdict went the right way. 

Polar opposite

But Lord Justice Christopher Clarke dismissed the Excalibur claim in the High Court, calling it ‘speculative and opportunistic’. Mr Lemos has had to pay costs. The judge said: ‘It is Mr Lemos’s misfortune that the advice he was so confidently given was the polar opposite of what I have decided.’ Source: The Telegraph