Haresh Jogani is the director at JK Property Inc and is based in Los Angeles. (Representational)
After a lengthy five-month trial, tycoon Haresh Jogani has been ordered by a jury to pay over Rs 20,000 crore in damages to his brothers - Shashikant, Rajesh, Chetan and Shailesh Jogani. The dispute revolves around dividing their Southern California property empire, comprising about 17,000 apartments valued at billions.
The trial, over allegations that Haresh breached a partnership with his siblings, has endured 18 appeals and multiple judges in the Los Angeles Superior Court. This legal battle is now being compared to Charles Dickens' novel Bleak House but with a twist.
The jury determined the property ownership percentages, with Shashikant owning 50%, Haresh 24%, Rajesh 10%, Shailesh 9.5%, and Chetan 6.5%. The properties generated up to $137 million annually in net operating income.
Some facts about Haresh Jogani:
Haresh Jogani is one of five brothers. Starting their diamond business in Gujarat, the Jogani family expanded to Europe, Africa, the Middle East, and North America.
Haresh Jogani's entry into the property business started when his brother Shashikant moved to California at 22 in 1969 to launch a property firm. Facing setbacks, Mr Shashikant brought in Haresh and their other brothers as partners.
He is the director at JK Property Inc and is currently based in Los Angeles, California, according to his LinkedIn page.
Using money from his successful diamond business, Haresh Jogani bought properties, some previously owned by his brother Shashi. Haresh's real estate business thrived, growing from 2,600 to 16,400 units, covering various locations like Hollywood, Westlake, Inglewood, Koreatown, Long Beach, and the San Fernando Valley.
Haresh Jogani, along with his brothers and nephew, was sued by Mr Shashikant in February 2003, claiming shared responsibility for alleged conduct and damages related to their supposed agreement in the real estate business.