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Richard Indge

Senior Managing Director

Photograph of Richard Indge

55 Bishopsgate, 2nd Floor
London, England EC2N 3AS

+44.20.7469.1111 Main
+44.20.3047.1205 Direct
+44.7586.073.026 Mobile

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Richard Indge is a Senior Managing Director at Ankura based in London, specializing in expert testimony on accounting, valuation and the quantum of damages for litigation, international arbitration, and investment treaty disputes. He also acts as Expert for the purposes of determining M&A related disputes arising from completion account and earn-out mechanisms. With over 25 years of experience working within the disputes arena, Richard has earned recognition by Who’s Who Legal as one of the leading testifying experts in the UK in the fields of forensic accounting, investigations, financial advisory, and valuation relating to quantum of damages. The claims in which he is involved typically arise from commercial contractual disputes, investor-state disputes, and disputes arising out of accounting and financial irregularities, particularly in the energy, mining, construction, transportation, and financial services sectors.


Richard has given oral evidence on numerous occasions in the English High Court and International Arbitration Tribunal hearings. He has acted as expert in UNCITRAL, ICSID, ICC, LCIA, HKIAC, SCC, LMAA, and ad hoc proceedings, preparing expert reports and giving oral evidence at arbitral hearings in London, Washington, Paris, Dubai, Abu Dhabi, Oman, and Helsinki.

Who’s Who Legal describes Richard as being “very impressive”, demonstrating “notable expertise in the subject matter of the dispute at hand” and earning “the respect of peers with his outstanding work as a forensic accountant in disputes briefs”.

Prior to joining Ankura, Richard was a partner in a Big 4 global accountancy firm and led their Global Claims & Disputes Services practice.

Richard’s professional experience includes:

  • Instructed as valuation expert by Claimant Noteholders in English High Court litigation against a defaulting borrower. The issues included considering a series of allegedly dishonest transactions through which pledged real estate assets were transferred outside of the security arrangements.
  • Instructed as quantum expert by the Claimant in a Bilateral Investment Treaty case following expropriation through a series of legal and regulatory changes impacting the private healthcare sector in Central Europe.
  • Instructed as valuation expert by the Claimant in a Bilateral Investment Treaty case involving expropriation by discriminatory changes to the tax system by a central European state.
  • Instructed as accounting expert by the Respondent in a Bilateral Investment Treaty case involving alleged wrongful expropriation of industrial assets in Central Asia. Issues addressed included the appropriateness of historical accounting treatments, corporate governance, and whether the expropriated companies would have been able to achieve a successful IPO.
  • Instructed as expert by the Respondent in an ICC arbitration concerning breach of warranty by the seller in a multibillion-dollar retail sector transaction. Addressed the appropriateness of the accounting in warranted financial statements, related valuation impacts, likelihood of default for purposes of valuing continuing lease guarantees, and the materiality of certain pre-SPA disclosures in the context of a claim in deceit.
  • Instructed as accounting expert by the Respondent in a LMAA arbitration relating to the termination of a contract for the construction of a deep-water drill ship.
  • Instructed as accounting expert by the Respondent in a SCC arbitration relating to the supply of allegedly defective products to the mobile telecommunications industry, the costs of a global repair and replacement program, and loss of brand value due to impaired airtime service quality.
  • Instructed as accounting expert by the Claimant in an ICC arbitration in the gas sector. The dispute between a gas producer and a re-seller arose from the producer’s failure to accept price reductions under contractual price adjustment clauses. Richard’s evidence concerned the quantum of past and future losses and their impact on the longer-term viability of the Claimant without the benefit of a reduction in price.
  • Instructed as quantum expert by the Claimant in an ad hoc arbitration relating to the delayed construction of a new production line at an oil refinery.
  • Instructed as quantum expert by the Respondent in an ICC international arbitration resulting from wrongful contract termination on a major transnational oil pipeline construction project.
  • Instructed as quantum and valuation expert in several construction delay arbitrations in the Middle East. These cases include two involving airport developments, and others involving the construction of hotels, office towers, residential apartments, and the extension to a retail mall.
  • Instructed as valuation expert by Defendants in an unfair prejudice claim in the English High Court on the issue of whether a semiconductor production facility, comprising a factory, excess land and specialist plant and machinery had been sold at an undervalue.
  • Instructed in five separate cases between ultra-high net worth individuals relating to inter alia the beneficial ownership of assets, including funds tracing, reconstruction of financial records from historical (and fragmented) records, and valuation of businesses and assets. These cases cover a range of sectors and asset classes, including mining, real estate, and banking.
  • BSc, Hons., Geography, University of Nottingham
Honors & Awards
  • Arbitration Expert Witnesses – Global Elite Thought Leader
  • Forensic Accountants – Global Elite Thought Leader
  • Experts – Financial Advisory and Valuation – Quantum of Damages – Recommended
  • Commercial Litigation – Expert Witnesses - Recommended
  • GIR - Investigations Forensic Accountants – Thought Leader
  • CEDR-Accredited Mediator
  • Fellow of the Institute of Chartered Accountants in England & Wales
  • Member of the Chartered Institute of Arbitrators
  • Associate of the Chartered Institute of Loss Adjusters

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