Monday 27 June 2016

The most expensive divorce in history

'The most expensive divorce in history' ends after Russian billionaire reaches deal with ex-wife
Russian billionaire Dmitry Rybolovlev and his ex-wife Elena appear to have reached an amicable deal
The saga of what was dubbed “the most expensive divorce in history” has apparently ended after Russian billionaire Dmitry Rybolovlev and his ex-wife Elena said they had reached an amicable deal.
The former couple did not reveal the size of the monetary settlement but said in a joint statement that the deal on the terms of the divorce "puts an end to all legal procedures launched in different jurisdictions".
Mr Rybolovlev, 48, who became wealthy during the post-Soviet privatisation of the Russian economy, has been in the news this year after his legal battle with Swiss art dealer, Yves Bouvier.
As The Telegraph reports “The Russian oligarch, who owns AS Monaco football team and lives in the Mediterranean principality, accuses Mr Bouvier of selling him art works of Picasso, Modigliani, Degas and Gauguin at hugely inflated prices.”
His bitter and very public divorce battle began in 2008 – after a 23-year-long marriage – and worked its way through the courts until May 2014, when a Swiss tribunal awarded Elena Rybolovlev more four billion Swiss francs (£2.7 billion).
Mrs Rybolovlev’s court documents contained claims about lavish yacht parties where her husband allegedly shared “young conquests with his friends, and other oligarchs.”
But an appeals court in Geneva in June this year overturned that ruling, downgrading the payment to 564 million francs, with two real estate holdings thrown in for good measure.
One of the contentious points was Mr Rybolovlev's worth, as he had transferred shares in 2005 to a trust and then sold them three years later at a huge profit.
His ex-wife's lawyers argued that the appeals court calculated his net worth on the basis of the 2005 figures and not the 2008 numbers, and claimed that he was trying to hide assets that included Greek islands, a New York penthouse worth $88 million, and a $95 million Palm Beach mansionbought from Donald Trump.
The full story can be read in The Telegraph here