Court reopens $290m fight as mining giant wins key appeal

Court of Appeal grants Eurasian mining giant ENRC the right to pursue a $290m claim against the SFO and Dechert

A major blow has landed on the Serious Fraud Office and City law firm Dechert as Eurasian Natural Resources Corporation (ENRC) won its appeal to amend its claim—reinstating $128 million in losses and raising the total value of its lawsuit to more than $290 million.

The long-running legal saga escalated earlier this month when the Court of Appeal, sitting before Lord Justice Phillips, Lord Justice Nugee, and Lord Justice Jeremy Baker, allowed the Kazakh mining conglomerate to push forward with significant amendments in its case. The decision overturns an earlier refusal and allows ENRC to expand its damages claim in the “phase 2” trial of its lawsuit against the SFO and Dechert.

The dispute stems from the SFO’s criminal investigation into ENRC and its subsidiaries, which the company says caused catastrophic damage to its global operations over more than a decade. ENRC is accusing both the SFO and Dechert, once its legal adviser, of serious wrongdoing, including unnecessary investigations and excessive legal costs.

The appeal centred on ENRC’s attempt to amend its claim to include losses tied to its shareholding in certain subsidiaries—an argument previously dismissed. But with the Court of Appeal’s ruling now in its favour, the company can proceed with claims that it says reflect the true scale of the damage it suffered.

ENRC’s legal strategy chief, Dmitry Vozianov, welcomed the decision. “We are pleased with the Court of Appeal’s ruling, which allowed us to reinstate a significant portion of ENRC’s claims,” he said. “The company’s total claim is now over $290 million. This is a fair result given the real impact of the serious wrongdoing by Dechert and the SFO on a large international mining company.”

Although the order permitting the amendment has been issued, the full judgment outlining the court’s reasons will be handed down in the autumn. ENRC has been given until 28 days after that judgment to file any further appeal.

In response, a spokesperson for the Serious Fraud Office offered a cautious note: “We note the decision. ENRC still needs to prove its losses.”

The case has already seen damning findings against both the SFO and Dechert. At an earlier stage of the proceedings, the court found that misconduct by the SFO was an “effective cause of the loss” suffered by ENRC, particularly in the form of unnecessary work, wasted costs, and lost management time.

That ruling apportioned liability as follows: Dechert and its former head of white-collar crime, Neil Gerrard, were found jointly and severally responsible for 75% of the unnecessary costs and wasted time, while the SFO bore 25% of the blame. For other elements of the claim, such as needless legal work, Dechert and Gerrard were found 100% liable. These findings relate to losses incurred before March 2013.

The next phase of the litigation, set to take place in April 2026, will focus entirely on the question of how much ENRC has actually lost—and whether the SFO and Dechert will be forced to pay the full $290 million or more.

With the stakes higher than ever, this legal fight promises to test the reputations and accountability of both public prosecutors and one of the UK’s top law firms.