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135 million pounds ($186 million)
- Billionaire Farkhad Akhmedov agreed to pay his ex-wife around 135 million pounds ($186 million), ending the largest financial dispute that Britain’s divorce courts have ever seen.
www.bloomberg.com/news/articles/2021-07-16/akhmedov-settles-u-k-s-largest-divorce-with-186-million-dealBillionaire Ends Largest U.K. Divorce With $186 Million Deal
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Why did Farkhad Akhmedov accept cash and art?
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Who is Tatiana Akhmedova & Farkhad Akhmedov?
What is Akhmedov's divorce Award?
Was Farkhad Akhmedov a 'dishonest scheme'?
Jul 16, 2021 · On Friday, Farkhad Akhmedov said his ex-wife had accepted cash and art to settle a fight over a ruling which awarded Tatiana Akhmedova one of the largest ever divorce payouts in the UK.
- Kate Beioley
Apr 21, 2021 · Judges heard that Farkhad Akhmedov, a 65-year-old businessman, had not "voluntarily" paid a penny of the divorce settlement - thought to be the biggest award of its kind made in the UK. They heard...
- Stormy Weather
- Arabian Sun
- Modern Tale
- Statutory Regulation
- £10bn in Funds
- Tricky Assets
- Contempt and Concealment
- Access to Justice
- Five Per Cent of Cases Funded
- Growth of High Value Litigation Cases
Quite whether Mr Akhemdov, a billionaire who made his fortune in Russian gas and oil, was expecting bother is unclear but of late he has certainly been experiencing stormy weather. The threat to Mr Akhmedov and his dazzling array of assets – from the Luna to his Aston Martin to his modern art collection, including a brace each of Warhols and Rothko...
Such is Mr Akhmedov’s determination, he told ihe would rather see the glittering Luna fall apart under the Arabian sun than surrender it to his ex-wife and her lawyers. A spokesman for the Azerbaijan-born businessman said he and his lawyers would “continue to fight for as long as it takes, and in whatever jurisdiction necessary, to resist what they...
The result is a thoroughly modern tale not only of an extraordinarily wealthy man doing his utmost to avoid paying out 41.5 per cent of the £1.1bn fortune he made during his marriage but also of the method being used by Mrs Akhmedova to obtain what she is owed. In an example of a type of deal which is becoming increasingly common in the disputes wo...
Lord Faulks QC, a former Conservative justice minister, told i: “There could be some really distorting factors. There is a difference between investment in property or in a company and investment in a legal case. “The interests of the party involved in the litigation may not coincide with the third-party funder, who is making an investment. The que...
Notwithstanding such concerns, the third-party litigation model has mushroomed in the last 18 months with the launch of 30 separate funds. In total, some £10bn has now been put forward by investors tempted by returns which can be up to four times the original investment in successful cases. The largest player in this increasingly crowded field is B...
In a deal which involves the payment of a lump sum to Mrs Akhmedova, who has yet to see a penny of her share of her ex-husband’s fortune, Burford has undertaken to chase the billionaire’s assets around the globe in return for a portion of the results. Typically, litigation finance companies charge around 30 per cent of the proceeds, meaning Burford...
In a ruling in April, the divorce case judge, Mr Justice Haddon-Cave declared the billionaire in contempt and observed: “It is apparent that [Mr Akhmedov] has taken numerous elaborate steps to conceal his wealth and evade enforcement of the judgment.” For his part, Mr Akhmedov, who is believed to be currently residing in his native Azerbaijan, insi...
Senior executives in third-party litigation companies insist that in backing class actions or “David v Goliath” legal battles they are widening access to the justice system, albeit at the price of a return on their investment. Christopher Bogart, Burford’s chief executive, told ithat the company did not directly finance divorce proceedings but was ...
Such is the high-end nature of the cases attracting third-party funding that companies typically finance just five per cent of the cases they consider. In the fraught case of Akhemedova vs Akhmedov it may be some time yet before either Mrs Akhmedova or her backers see their money.
Millions of pounds are being put up by investors in backing a growing number of high-value litigation cases. In January Noel Edmonds, who is suing Lloyds Banking Group after falling victim to a multi-million pound fraud a decade ago, confirmed he had secured a “seven figure” sum from specialist litigation funder Therium to bankroll his case. The TV...
Apr 21, 2021 · The High Court of England and Wales in 2016 awarded Tatiana Akhmedova 41.5% of Farkhad Akhmedov's $1-billion-plus fortune.
Apr 21, 2021 · Mrs Justice Gwynneth Knowles ordered Temur Akhmedov, a London trader, to pay Ms Akhmedova about £75m. Ms Akhmedova said in a statement following the ruling: “Today’s judgment is the inevitable...
- Chiara Giordano
Apr 21, 2021 · Tatiana Akhmedova has been fighting legal battles around the world ever since she was awarded 41.5 per cent of Farkhad Akhmedov’s £1bn fortune in late 2016. She claims her husband has not...
Jul 16, 2021 · Russian billionaire Farkhad Akhmedov and his former wife Tatiana Akhmedova reached a settlement on Friday after years of legal wrangling over a record 454 million pound ($625 million) divorce...
