Russian billionaire Farkhad Akhmedov to lose US$492 million yacht in London divorce
Judge orders Farkhad Akhmedov to transfer ownership to wife in one of the largest divorce payouts in British history
A London court ordered the seizure of a luxury US$492 million yacht owned by a Russian billionaire as judges sought to enforce one of the largest divorce payouts in British history.
The court ruled that Farkhad Akhmedov should transfer ownership of the 115-metre (380-foot) MV Luna, impounded in a dry dock in Dubai, to his wife, Tatiana Akhmedova. The judge granted the order to uphold his earlier £453.5 million (US$646 million) judgement.
Judge Charles Haddon-Cave said that Akhmedov tried to hide his ownership of the Luna behind a group of companies and moved the ship to Dubai in the belief that it was “well beyond the reach of an English court judgement”. The nine deck-yacht, which has 50 crew and two helipads, was originally built for Roman Abramovich before Akhmedov purchased it in 2014.
Bankers and other financial professionals are often at the centre at some of the biggest British divorces. London courts have gained a reputation as being a more sympathetic place to play out high-stakes cases, as judges generally order a 50-50 split of assets, giving equal weight to the work of a wealth creator and a homemaker.
[Farkhad Akhmedov] has over the past 18 months repeatedly demonstrated a willingness to take rapid and multifarious steps to evade enforcement at every turn
Offshore ‘web’
In the final days of the court proceedings, the billionaire changed his ownership of the Luna to another of his companies. The transactions form part of the billionaire’s “continuing campaign to defeat Akhmedova by concealing his assets in a web of offshore companies”, Haddon-Cave wrote, declaring that the prior deals be set aside. The Luna, which also has a 20m outdoor swimming pool, eight smaller boats and a mini-submarine, has a value of £346 million, according to the judgement.
Akhmedov said he had supported his wife after their marriage was dissolved in Russia. He blamed cynical lawyers for later filing for divorce in London, and British politics for the court’s decision. He said British judges were abusing the courts in Dubai, and linked the situation to bad relations between British ministers and Russian President Vladimir Putin.
“Can it really be a coincidence that this is all happening while the British Foreign Secretary Boris Johnson’s comments” make it plain that “the UK seeks to seize assets belonging to wealthy Russians”, Akhmedov said in an emailed statement.