ENGLISH FAMILY COURTS SHOW THAT THEY ARE PREPARED TO TACKLE THE ISSUES RELATED TO PARTIES HIDING INTERNATIONAL ASSETS WITHIN DIVORCE PROCEEDINGS – HELICOPTER, JET, YACHT AND AN ISLE OF MAN COMPANY

On 2nd July, Lexis Nexis Family Law published an article on wealthy business shareholders feeding their high-net-worth assets through their companies, with the consequence of making the assets available to their spouse limited and out of reach.  It looks at a recent case where the wife sought to enforce financial provision orders in the region of a £453 million lump sum, after the Russian billionaire husband had taken elaborate steps to conceal his wealth and evade enforcement of the judgment.  It says that Mr Akhmedov held 2 corporate entities that were being used to shield his true wealth from the English courts – in the Isle of Man, she obtained orders in respect of a helicopter and a private jet and in Dubai she obtained orders in respect of his yacht worth €260 million which was held by a Liechtenstein corporate entity.  In a rare move, the Family Court ‘pierced the corporate veil’ following Mr Akhmedov’s attempts at concealing his wealth through complex offshore asset structures.

https://www.familylaw.co.uk/news_and_comment/akhmedova-v-akhmedov-piercing-the-corporate-veil#.WzsevvZFx9B

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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