Law ruling finds against oil tycoon

A family law judgement which found against a Nigeria oil tycoon could have significant implications for divorcing couples, say lawyers.

Michael Prest lost his cash dispute with his estranged wife Yasmin at the UK’s highest court, the Supreme Court on Wednesday (June 12).

The ruling, which followed a hearing in March, was the latest round of a long legal fight. The Court of Appeal found in October that Mr Prest did not have to give property worth millions of pounds to Mrs Prest. Appeal judges ruled that a High Court judge had earlier incorrectly ordered Mr Prest to transfer properties held in the names of businesses he controlled. Mrs Prest then asked the Supreme Court to investigate the dispute.

Lawmakers heard that the couple – in their early 50s – married in 1993, spent much time in London, had properties in Nigeria and the Caribbean and enjoyed a very high standard of living. Mr Prest claimed to be worth around £48 million but his former partner said he was worth “tens if not hundreds of millions” of pounds.

Seven Supreme Court justices unanimously granted Mrs Prest’s appeal. Mrs Prest said after the decision was announced:

“I’m delighted and relieved that the Supreme Court has ruled as it did. None of this would have been necessary if Michael had been sensible and played fair.”

IBB Solicitors, family and divorce lawyers commented:

“Justice has been done and wives can feel that devious husbands will not be allowed to ring fence their assets and circumvent their responsibilities by setting up corporate structures particularly where they are really the only shareholder.”

Our Family and Matrimonial team helps families across West London and Bucks. For advice, contact a member of the team, call us on 01494 790058 or email familylaw@ibblaw.co.uk.