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Nigerian oil tycoons English wife wins ruling

From BBC
Mr.  and Mrs. Michael Prest
Mr. and Mrs. Michael Prest

 A Supreme Court judge has ruled in favor of the English estranged wife of a Nigerian oil tycoon, Mr. Michael Prest.

The ruling was made in favor of Mrs. Yasmin Prest in a case lawyers say could have implications for some wealthy divorcing couple.

Michael Prest lost the latest round of legal fight, meaning his wife can now appeal against an earlier ruling.

Judges ruled seven properties at the center of the dispute that could effectively be counted as assets of Mr. Prest.
Yasmin Prest said: “I was delighted and relieved by the judgment.”

According to the BBC, Mr. Prest had argued that his properties, worth millions of pounds, are not personally owned by him, but by off-shore companies.

“The appeal judges concluded in October 2012 that an earlier ruling ordering Mr. Prest to transfer the properties, held in the name of companies he controlled, was wrong,” the BBC said. 

Mrs. Prest then asked the Supreme Court, the highest court in the UK, to review the case.

In allowing her appeal, the Supreme Court ruled that the homes were “held on trust” for Mr. Prest by the companies. 

 


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