A $14bn lawsuit filed by jailed Russian billionaire Ziyavudin Magomedov against US private equity firm TPG and Russian state-owned entities Rosatom and Transneft has been dismissed by London’s High Court, according to a report by Reuters.

Magomedov, the former head of the Summa Group conglomerate, alleged that his 2018 arrest on embezzlement charges was part of a Russian state-backed conspiracy to strip him of his assets in lucrative port operators. The defendants, including TPG, Rosatom, and Transneft, denied the claims, calling them baseless.

In a ruling on Friday, Judge Robert Bright found there was “no serious issue to be tried” against TPG or Transneft. He also ruled that any case involving Rosatom should not be heard in the UK.

Magomedov’s representatives expressed disappointment, stating, “We are naturally disappointed with the decision and intend to seek permission to appeal.”

TPG, meanwhile, welcomed the decision, with a spokesperson saying, “We are pleased to put this baseless matter behind us.”