Tatiana has accused her ex-husband, Farkhad, an oligarch who made his fortune from oil and gas, of hiding and concealing assets. She has said that their 27-year-old son, Temur, acted as his father’s “lieutenant” and helped him hide his fortune to avoid her receiving the financial award made by the Court in ‘divorce battle’. The High Court started to consider these allegations on Monday after Temur was ordered to travel to London to give evidence.
Tatiana was awarded a 41.5% share of Farkhad’s £1 billion-plus fortune in late 2016. Tatiana should have received around £453 million – the award is thought to be the biggest of its kind made in England and Wales. However, it is reported that she has only received £5 million so far and Farkhad has not paid a penny voluntarily. Tatiana has had no option but to seek further recourse in enforcing the award made by the English Court in several legal battles around the world.
At the Hearing on Monday, Temur was accused of being a ‘compulsive liar’ who had ‘perverted the course of justice’. At the start of the Hearing, Temur provided a new witness statement in which he admitted to having breached a Court Order regarding disclosure of information but said he was now providing a truthful account.
Tatiana alleges that Farkhad gave Temur £90 million as a way of putting his wealth beyond her reach. Tatiana’s legal team said that Temur had been given 3 new Mercedes, a £29 million luxury flat in London when he was studying at London School of Economics, costing a further £5 million to refurbish, a £350,000.00 Rolls Royce, his parents £20 million home in Surrey…. the list goes on. She also alleges that Farkhad, with Temur’s help, set up a complex web of trusts and offshore bank accounts to store millions of pounds in cash and shares so that it would appear that he did not have enough money to pay her.
Temur’s legal team say that much of the money given to him was under an agreement with his father to invest in the stock market. It is reported that Temur lost $50 million that his father had given to him for trading. When it happened, Temur told his mother about the situation. His legal team said that if, as Tatiana alleges, this was part of a scheme to put the money out of her reach, it would be odd to tell her. Temur says that his mother had even consoled him about the loss.
Temur also maintains that Farkhad had been spending millions of pounds on him and his brother, Edgar, well before the breakdown of the marriage and it was not unusual for them to be given large amounts of money.
Tatiana is also involved in litigation against several trusts, based in Liechtenstein, into which Farkhad has transferred assets, including a superyacht, the Luna, worth around £340 million and an art collection worth around £110 million.
The case continues.
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*The information provided in this article is designed to provide useful information on the subject, not to provide specific legal advice.