High London Court Reinstates Adrian Zecha as Chief Executive of Amanresorts

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. July 17, 2014

LONDON - July 17, 2014 - Adrian Zecha, 81, renowned hotelier and founder of Amanresorts, has today been reinstated by order of the High Court in London as CEO of Peak Hotels and Resorts Group Ltd (the parent holding company of the Aman Resorts Business). The High Court injunction followed an unlawful attempt by Mr. Vladislav Doronin to remove Mr. Zecha as CEO and remove him from his home of 15 years. The High Court was critical of Mr. Doronin's conduct and found that his attempt to crown himself CEO, without board approval, was unlawful and in violation of his joint venture agreement with international entrepreneur Mr. Omar Amanat.

Mr. Amanat said, "I am delighted that Adrian is now back in charge. He will remain in charge until such time a suitable successor can be found. It is essential to me that Adrian retires in a manner of his own choosing, which requires that his loyal staff, who have helped build up Aman into what is, are looked after. The Aman brand and the legacy of Adrian Zecha are and shall forever be inextricably linked."

Amanresorts, the luxury hotel chain favoured by billionaires, was bought from its previous owners in a $358 million deal in February 2014 by a joint venture between Mr. Amanat and Mr. Doronin, a Russian businessman. As part of the deal, Mr. Zecha was to remain as CEO and have a minority interest.

In April 2014, Mr. Doronin, acting through his company Tarek Investment Limited, removed Mr. Zecha in a boardroom coup from his role as CEO and appointed himself as CEO, despite having no hotel experience.

Peak Hotels and Resorts Ltd., Mr. Amanat's company, responded to the issue by pursuing High Court proceedings. The niche London litigation firm CANDEY, acted for Peak and Mr. Amanat, instructing John Brisby QC and Alexander Cook of 4 Stone Buildings. Mr. Doronin instructed Sidley Austin and Kenneth MacLean QC of One Essex Court, the same legal team who acted for the Barclay brothers in their fight to obtain control over Claridges.

In her judgment released on July 14, 2014, the High Court Judge, Catherine Newman QC, held that Mr Zecha's "personal identity and vision is relevant to the performance of his function and the reputation enjoyed by the brand" and that "Mr Zecha was the choice of CEO of both parties of the JVC and his exclusion... appears to me to be a clear breach of contract... Mr Doronin has no proper basis for calling himself CEO."

Mr. Zecha, said today from his home in Singapore, "I welcome the Court's ruling and am grateful to have an opportunity to ensure that Aman Resorts, a company for which I have loved and nurtured for the last two decades, will continue to be a world-class brand with a devoted following. I remain committed to Aman's growth, while also preserving its spirit."

Mr. Zecha also said he announced the formation of an advisory council to help him on corporate governance matters which includes Alan Hassenfeld, Chairman of Hasbro, Louis Freeh, Former Director of the FBI, Lalit Modi, of Modi Enterprises and founder of IPL and Dr. Rutsel Martha fmr General Counsel of Interpol and the United Nations.