Dispute over aircraft with Manx registration linked to Russian tycoon makes it way to Island's courts

A dispute over an aircraft with the Manx registration M-CCCP linked to a Russian tycoon has made its way into the Island's courts.

The Bombardier aircraft is owned by a company ultimately connected to Oleg Bourlakov - thought to have a personal fortune of up to a billion dollars - and the case went to court as part of international proceedings over his divorce.

Deemster Corlett was asked to make a ruling on a $15 million refinancing agreement between two companies - Hermitage One and Heda Airlines, which owned the plane.

The court found in favour of Heda, dismissing Hermitage's claims for damages and interest.