Nigerian Oil Tycoon Michael Prest Loses N 6.9 Billion In British Divorce Ruling
https://nigeriaafrica1.blogspot.com/2013/06/nigerian-oil-tycoon-michael-prest-loses.html
Britain's Supreme Court Wednesday ordered a Nigerian oil tycoon to transfer seven homes worth millions of pounds to his estranged wife in a lengthy divorce battle.
Lawyers for Michael Prest claimed the properties were not his to hand over because their legal owners were companies in his Petrodel group, rather than the businessman himself.
But seven judges ruled unanimously in favour of his English wife Yasmin, who he married in 1993.
They ruled that while the properties were "held" by Prest's companies, he was "entitled" to them and they should be transferred to his estranged partner.
Yasmin Prest said afterwards she was "delighted and relieved" by the ruling.
She added: "It is more a case of satisfaction and relief than celebration.
"None of this would have been necessary if Michael had been sensible and played fair."
The couple, both aged in their early 50s, have properties in Nigeria and the Caribbean, living to a "very high standard", according to evidence given at hearings.
Prest claims to be worth about £48 million but Yasmin Prest said he could have assets worth "hundreds of millions" of pounds, the court heard.
The decision overturns a Court of Appeal ruling last year that Prest did not have to hand over property to his wife. He was not in court to hear the judgment being delivered.
Her lawyers said the decision was a "great result" for other spouses in similar positions and would stop partners hiding behind a "corporate facade."
But seven judges ruled unanimously in favour of his English wife Yasmin, who he married in 1993.
They ruled that while the properties were "held" by Prest's companies, he was "entitled" to them and they should be transferred to his estranged partner.
Yasmin Prest said afterwards she was "delighted and relieved" by the ruling.
She added: "It is more a case of satisfaction and relief than celebration.
"None of this would have been necessary if Michael had been sensible and played fair."
The couple, both aged in their early 50s, have properties in Nigeria and the Caribbean, living to a "very high standard", according to evidence given at hearings.
Prest claims to be worth about £48 million but Yasmin Prest said he could have assets worth "hundreds of millions" of pounds, the court heard.
The decision overturns a Court of Appeal ruling last year that Prest did not have to hand over property to his wife. He was not in court to hear the judgment being delivered.
Her lawyers said the decision was a "great result" for other spouses in similar positions and would stop partners hiding behind a "corporate facade."
