Sir Owen Glenn has claimed a $220 million settlement from his High Court war with Eric Watson, 1 NEWS can exclusively reveal.
In a significant development in the long-running legal fight between the Kiwi rich listers, Sir Owen has confirmed a big financial victory even before the judge's final decision has been handed down.
Overnight a 12-week trial - one of the most complex and high stakes business cases ever seen between two New Zealanders - wrapped up in the Chancery Division of the London High Court.
Judge, Sir Christopher Nugee, reserved his decision and will now consider the law and evidence presented to him - which could take months.
However, ahead of Justice Nugee's decision, Glenn has confirmed to 1 News that a key part of his legal action has already been settled - recovering £130m ($228m) which he invested in a joint venture with Mr Watson.
"There was a settlement. The defence, Mr Watson's interests, in controlling his trusts made a settlement. It's public knowledge, it's GBP130m," Glenn told 1 NEWS.
"But I can't divulge any more than that, it's confidential."
Sir Owen confirmed the settlement was agreed during the London High Court trial.
1 News has been following the story closely in court over the last week and made a number of attempts to seek comment from Mr Watson, through his legal representation. No comment has been received.
Sir Owen said the case has been extremely painstaking.
"It was a 12-week trial and I've forgotten how many bundles of evidence… Over 350, I believe," he said.
"So a lot of people spent a lot of time doing a lot of research, certainly on my team, and it's very, very complex in terms of parties involved and the number of different issues that had to be faced."
Sir Owen said he does not know when Justice Nugee's decision - ruling on other claims including interest - will be released. But the 77-year-old, who is battling cancer, won't be hanging around in London any longer.
"I don't know when we can expect judgement because that's really in the hands of the judge," he said.
"But I'm going to be moving on, I'm going to Poland tomorrow and am then going on to the United States and heading west eventually ending up back in Sydney and New Zealand.
"It'll hopefully be en route, but the sooner the better. I mean whatever is left of my life I'd like to get on with it."
The case dates back to 2014, when a high court document out of the British Virgin Islands revealed Sir Owen and Mr Watson had gone into a joint European property venture called Spartan Capital.
That judge's ruling said Sir Owen had pumped £113m ($198m) into Spartan, but he felt his arrangement with Mr Watson, who was claiming a 50-50 shareholding on that capital, was unfair.
By Simon Plumb