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Akhmedova v Akhmedov: piercing the corporate veil
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It is not incomprehensible that wealthy business shareholders feed their high-net-worth assets through their companies with the consequence of making the assets available to their spouse limited and out of reach. It therefore comes as no real surprise that the English family courts have shown that they are prepared to tackle the issues related with parties hiding international assets within divorce proceedings whilst trying to remedy the same.
This article takes a look at the recent judgment made in
Akhmedova v Akhmedov [2018] EWFC 23 (Fam) where the wife sought to enforce financial provision orders in the region of a £453m lump sum after the Russian billionaire husband had taken elaborate steps to conceal his wealth and evade enforcement of the judgment.
Background
In 2016 Mrs Akhmedova was awarded a £453m lump sum comprising of a £350m cash sum together with the transfer of various properties as part of the financial remedy settlement. However in January 2018 it was reported in the press that Mrs Akhmedova was ‘yet to receive a penny’ from her former husband.
Mr Akhmedov held two corporate entities that were being used...
Read the full article here.
