Russian billionaire, Farkhad Akhmedov and ex-wife settle $625 million divorce case

Russian billionaire, Farkhad Akhmedov and ex-wife settle $625 million divorce case

Russian billionaire, Farkhad Akhmedov and his former wife Tatiana Akhmedova reached a settlement on Friday after years of legal battle over a record $625 million divorce award made by London’s High Court in 2016 ending the largest financial dispute that Britain’s divorce courts have ever seen. 

Prior to legal proceedings, Farkhad Akhmedov had agreed to pay his ex-wife around $186 million but Tatiana rejected his offer and hired some of Britain’s most sought-after lawyers with the backing of a litigation funder, Burford Capital. 

The dispute led to an unsuccessful attempt by Tatiana to seize Luna, a 115-metre (377-foot) superyacht owned by her former husband through courts in Dubai, which her legal team said was worth £225 million. The yacht was formerly owned by Roman Abramovich, the Chelsea Chairman and has been the single largest asset owned by Farkhad. 

According to Bloomberg, Tatiana and Burford Capital “spent years and millions of pounds on a costly global tour of various jurisdictions in their attempts to seize Luna, every one of them failed and the yacht remains and will remain in the ownership of Farkhad and the family trusts.” 

In a statement, Burford capital said it has now received its full cash entitlement of approximately $103 million in respect of the Akhmedov matter, which Burford funded to enforce a final judgment of the English High Court. Burford said the settlement would boost its operating profit this year by around $20 million. 

What you should knowFarkhad Akhmedov got his start selling Russian sables at the London commodity exchange. In 1987 he founded Tansley Trading, which supplied equipment to Russian gas producers. In November 2012 Farkhad sold his stake in a Russian gas producer for $1.4 billion. Farkhad is worth $1.4 billion according to Forbes.  

Source: Nairametrics

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