Eric Watson ordered to pay Owen Glenn $49.4 million

Sir Owen Glenn says he is determined pursue former business partner Eric Watson "to the ends of the earth — if necessary taking action against his trusts and third parties holding assets on his behalf — to ensure he pays every penny that is found due."

Today he revealed that a UK court has ordered Watson ordered to pay £25,259,986.49 (NZ$49.4 million) plus costs in a court case brought by Glenn's Kea Investments.

Glenn, who has been battling cancer since 2012, won a legal victory over Watson In July.

The High Court in England and Wales ruled Watson had engaged in "deliberate deception" when the pair set up a joint venture investment company.

Glenn had seen a large chunk of his fortune tied up in the arrangement, and had spent the past five years fighting in English, California and British Virgin Islands courts to extricate himself and his £129 million ($250m).

He was also seeking compensation for legal costs and the opportunity cost of having the money frozen.

The court has ordered Watson to make an interim payment in relation to claims for equitable compensation of £25,259,986.49 by September 27.

Glenn says he will be seeking further compensation.

"The interim payment relates to the claim for equitable compensation. This was based on a rate of 6.5 per cent per annum compounded annually," he said.

"There are also proprietary claims, claims in knowing receipt and profit-based claims. In order to enable us to decide on which to elect for Mr Watson has been ordered to give disclosure on the use of Kea's funds over the period," he said.

"There will be a further hearing in November. This is a complex process which will take some months to complete. The interim payment, therefore, represents only part of what is due."

Watson had initially disputed the judgment, saying he had a new legal team and would look to appeal the decision.

"This is by no means over and I look forward to success in the course of time," Watson said in August.

However, a statement from the Glenn camp yesterday indicated that at "a further hearing on 10 and 13 September 2018, to deal with consequential matters, Mr Watson made clear that he does not wish to pursue any appeal".

The Herald is seeking further comment from Watson.

Glenn is in New Zealand this week to celebrate the 10th anniversary of the Auckland University Business school, which he helped fund with a $15 million donation.

In August, Glenn told the Herald he was getting on with his philanthropic work and optimistic about the future.

"Mate, I've got tickets to the Olympics and I've got tickets to the Rugby World Cup," he said.

"You can either give up or you can just keep going. That's it."

"My latest scans are all clear so that's good news but every three months I go along and roll the dice."