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.

We are a team of specialist family law solicitors in Manchester. For more divorce advice please read our family law blog or follow us on Twitter @Divorce_experts






2 comments:

  1. Nice article. Most of the people face many financial and property problems after divorce. But all these can be put to an end by getting the necessary advices from a good family lawyer. Last year my friend met http://www.ronaldsaperpc.com/ when she was under a similar trouble and everything is fine now.

    ReplyDelete
  2. Divorce emotionally can very difficult time for both partners and i must say that divorce statistics information you shared is very interesting.

    If you are looking for Mediation Services then visit our website www.barclaydevere.co.uk, we are the No.1 ledaing comapny in UK for providing any type of Mediator Services.

    Divorce Mediators & Cost Family Mediation

    ReplyDelete