A High Court showdown in London involving three Ukrainian Jewish businessmen is understood to have been averted at the last minute.

Victor Pinchuk’s case against Gennadiy Bogolyubov and Igor Kolomoisky had been due to begin on Monday and scheduled to last for eight weeks.

But the disputing parties have reached an out-of-court settlement, according to sources close to the parties.

Mr Pinchuk claimed that he had paid the other two businessmen $143 million (currently worth £99 million) for a stake in a Ukrainian mining company but that they had failed to transfer the shares to him.

Mr Bogolyubov and Mr Kolomoisky rejected the claim, arguing that Mr Pinchuk owed them the money for a different business venture.

Mr Pinchuk, who made his fortune producing steel pipes and railway wheels, was once a Ukrainian MP and is son-in-law of its former president Leonid Kruchma. The businessman’s charitable foundation supports the Tony Blair Foundation and the Peres Centre for Peace.

Mr Bogolyubov, who moved to London seven years ago, is a prominent supporter of Lubavitch.

Mr Kolomoisky, whose family lives in Geneva, formerly headed the Dniepropetrovsk regional administration in Ukraine.