Thursday, 4 April 2013

Hidden Assets in Young divorce may now be revealed...

It now seems that jailed British property developer Scot Young and an associate Russian businessman constructed a secret network of offshore companies to hide his fortune during his multi-million pound divorce battle with his now ex-wife Michelle Young.

Mrs Young is claiming a share of her husband’s £400 million fortune which Mr Young claims disappeared within 3 months and turned into debts of £28 million. Mr Young however was jailed in January 2013 for contempt of court as he failed to verify his alleged financial loses during the financial settlement proceedings.

According to reports Mr Young found varies ways of deceiving his wife and the divorce solicitors as to what his fortunes actually were. One such plan reportedly commenced as Mr Young’s marriage started to deteriorate in 2005 by Mr Young joining forces with a Russian associate to invest in a deal to redevelop a former paint-factory site worth approximately £65million based in Moscow into shops and offices. Mr Young then received half the shares in an offshore Cyprus company from his associate, which controlled the planned property speculation. The deal between the two men involved 12 companies and trusts in Cyprus, Russia, the British Virgin Islands and Lichtenstein. Mr Young then claimed that the Moscow development fell through and that he received no shares.

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