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<ul class="summary-list"><li>The son of a Russian oligarch involved in a divorce case will need to pay $100 million to his mother. </li><li><keyword id="10432266" type="UNKNOWN" weightage="60" keywordseo="temur-akhmedov">Temur Akhmedov</keyword> lost a court ruling over his role in hiding assets from his mother.</li><li>A London judge said Temur is a "dishonest individual who will do anything to assist his father."</li></ul>The son of a Russian oligarch involved in the UK's largest divorce case will need to pay his mother $100 million after he lost a court ruling over his role in hiding assets from her, according to <a href="https://www.bloombergquint.com/onweb/-dishonest-oligarch-s-son-loses-case-in-biggest-london-divorce">Bloomberg</a>.Temur Akhmedov worked with his billionaire father, <keyword id="10432265" type="UNKNOWN" weightage="60" keywordseo="farkhad-akhmedov">Farkhad Akhmedov</keyword>, to stop his mother from obtaining a $627 million court-approved divorce payment, according to Judge Gwynneth Knowles' statement cited by Bloomberg.The judge called him a "dishonest individual who will do anything to assist his father," and ruled that Temur should pay his mother over $100 million. The mother, Tatiana Akhmedova, was seeking to recover a divorce payout and alleged her ex-husband and son worked together to hide the cash.In December,<a href="https://www.bloomberg.com/news/articles/2020-12-07/oligarch-s-son-says-he-didn-t-hide-50-million-was-trading-loss"> Temur revealed he'd lost more than $50 million in funds</a> from his father while day trading at college. He denied that he was hiding the funds from his mother and said that his mother was aware of his trading activities and consoled him about the loss. Farkhad Akhmedov made much of his wealth from the sale of his stake in a Russian gas producer in in 2012 for $1.4 billion. Tatiana was awarded 41.5% of Farkhad's fortune in 2016, but the oligarch has refused to pay, arguing the two had divorced 20 years prior.

The 'dishonest' son of a Russian oligarch must pay his mom $100 million as part of the UK's largest divorce case

<ul><li><keyword id="10432266" type="UNKNOWN" weightage="60" keywordseo="temur-akhmedov">Temur Akhmedov</keyword>, the son of a Russian oligarch, recently told a British court that he lost $50 million in risky trades as a student.</li><li>The testimony was part of the country's biggest divorce case. His mother, Tatiana Akhmedova, has alleged that he helped his father, the billionaire <keyword id="10432265" type="UNKNOWN" weightage="60" keywordseo="farkhad-akhmedov">Farkhad Akhmedov</keyword>, hide funds meant for her divorce payment of 450 million pounds, or $603 million.</li><li>Temur said his mother knew of the <keyword id="6368158" type="UNKNOWN" weightage="60" keywordseo="trading">trading</keyword> losses and even comforted him after the multimillion-dollar slump.</li><li>Temur said he had made a profit on his trades before several bad positions tanked his balance. He said that he then took on more risk in an attempt to make back his money but that the trades erased his balance.</li><li><a href="https://www.businessinsider.com/?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestutm_source=msn.com&amp;utm_medium=referral&amp;utm_content=msn-slideshow&amp;utm_campaign=bodyurl?utm_source=markets&amp;utm_medium=ingestts&amp;utm_medium=ingest">Visit Business Insider's homepage for more stories</a>.</li></ul>Developments in Britain's biggest divorce case revealed that the son of a Russian oligarch lost $50 million making risky trades as a university student.Temur Akhmedov, the son of the billionaire Farkhad Akhmedov, recently told a London court that he hadn't been hiding the sum from his mother and that the cash was instead lost through the trades. Temur's mother, Tatiana Akhmedova, has accused him of helping his father avoid making a divorce payment of 450 million pounds, or $603 million.Temur has said that his mother was aware of the trading losses and that she even supported him after the bets went sour. She has accused her son of conspiring with his father to hide assets <a href="https://www.bloomberg.com/news/articles/2020-12-07/oligarch-s-son-says-he-didn-t-hide-50-million-was-trading-loss">as early as September 2015</a>. She is seeking <a href="https://www.ft.com/content/69a0aecf-ee3c-4e52-96f3-d973c0bd5d9a">nearly 70 million pounds</a>, or about $94 million, from Temur.<a href="https://www.bloomberg.com/news/articles/2020-12-09/gas-billionaire-shocked-by-son-s-quick-50-million-trading-loss">Bloomberg</a> last week <a href="https://www.bloomberg.com/news/articles/2020-12-07/oligarch-s-son-says-he-didn-t-hide-50-million-was-trading-loss">reported</a> on the trading losses.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-2021-best-growth-value-investing-jpmorgan-2020-12" target="_blank" rel="noopener">JPMorgan unveils its 50 'most compelling' stock picks to buy for 2021 - and details why each one will be a top performer</a>The legal battle has so far led to squandered attempts to possess a 115-meter yacht and a $140 million collection of modern art, Bloomberg reported, citing legal documents. More recently, Tatiana's lawyers suggested the court could force the sale of Temur's London apartment, originally purchased for nearly $40 million.Tatiana said in testimony last week that "<keyword id="176171" type="PERSON" weightage="60" keywordseo="day-trading">day trading</keyword> equals gambling." She <a href="https://www.dailymail.co.uk/news/article-9026233/Russian-oligarchs-ex-wife-arrives-High-Court-legal-showdown-SON.html">also told the court</a> that Temur "played an active role in siding with my ex about the divorce and trying to hide assets."Temur's legal team has said that the size of the son's losses is unimportant and that wealthy families often "lavish their children with unimaginable sums," <a href="https://www.ft.com/content/69a0aecf-ee3c-4e52-96f3-d973c0bd5d9a">the Financial Times reported</a>.Read more: <a href="https://www.businessinsider.com/next-stock-market-crash-2021-outlook-bannister-warns-of-bubble-2020-12" target="_blank" rel="noopener">An equity chief studied 100 years of market history to pinpoint the stock-market level that would confirm a bubble is underway - and potentially mark the beginning of the next meltdown</a>Temur's trades weren't always losing ones. The London School of Economics student said he first made a profit before sliding into losses. He said that he then tried to rebound with riskier bets but that the positions burned the rest of his balance, according to Bloomberg.Tatiana has filed divorce cases in at least six countries. She was awarded 41.5% of Farkhad's fortune in 2016, but the oligarch has refused to pay, arguing that they had divorced 20 years prior, according to the Financial Times.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://www.businessinsider.com/best-books-of-2020-investing-recommendations-wall-street-experts-advice-2020-12" target="_blank" rel="noopener">We asked 10 Wall Street investors, strategists, and finance executives for the best books they read in 2020. Here are their top picks, and why they recommend everyone read them.</a><a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-modest-returns-economic-growth-overexcited-investors-bofa-2020-12-1029887195">Modest market returns in 2021 risk disappointing today's overexcited investors, Bank of America says</a><a href="https://www.businessinsider.com/economic-stimulus-outlook-state-local-government-aid-needed-risks-experts-2020-12">Inadequate stimulus will create the same risks that crippled the economic recovery following the Great Recession, experts say</a>

A Russian oligarch's son lost $50 million making risky trades as a university student - and now his own mother is suing him as part of Britain's largest divorce case

<ul class="summary-list"><li>A UK judge ordered Sheikh Mohammed of <keyword id="6354539" type="UNKNOWN" weightage="60" keywordseo="dubai" source="Orion">Dubai</keyword> to pay a $679 million divorce settlement to his ex-wife.</li><li>Princess Haya had filed for divorce in London, known as "the divorce capital of the world."</li></ul>When a British judge last year <a href="https://www.insider.com/princess-haya-wins-734m-settlement-divorce-sheikh-mohammed-flee-2021-12">ordered Sheikh Mohammed bin Rashid al-Maktoum</a>, the emir of Dubai, to pay a £554 million ($679 million) divorce settlement to his former wife, Princess Haya, it was believed to be the largest ever divorce settlement secured in the UK. It also reaffirmed London's status as the de facto "divorce capital of the world," at least for the rich and famous.The UK court system is indeed the go-to destination for wives of the super-wealthy looking to divorce, mainly due to a legal tradition which is more favorable than most to the financially weaker party. Multiple spouses have secured multi-million pound payouts — sometime amounting to 50% of their husband's assets — by taking advantage of the system which affords judges a huge amount of discretion. <div type="image" title="Queen Elizabeth II (R) and Princess Haya in Windsor, Berkshire." height="1000" width="2000" msid="88437908" hostid="261"></div>This is a result of the a landmark judgment in 2000 where the concept of the "equal sharing" of assets became the norm. The often-cited case — "<a href="https://www.stowefamilylaw.co.uk/blog/2009/12/29/white-v-white/">White v White</a>" — concerns Martin White and Pamela White, farmers from Somerset who filed for divorce in 1994.After years of wrangling, the court found that Mrs. White was entitled to 40% of the couple's £4.6 million ($5.6 million) assets, even though most of them were in Mr. White's name.While the couple were not super-rich, the precedent they set has had huge ramifications.In the case of the sheikh, believed to be a multi-billionaire, British Justice Philip Moor ruled in November 2021 that he must recompense his ex-wife Haya for her possessions, including: £13.6 million ($16.6 million) for Haya's jewelry; £1 million ($1.2 million) for haute-couture clothing; £1 million ($1.2 million) for cars; and £5 million ($6.1 million) for racehorses.Haya had sued for divorce and custody of her two children <a href="https://www.businessinsider.com/princess-haya-dubai-flees-husband-sheik-al-maktoum-2019-7?r=US&amp;IR=T">after escaping</a> to the UK in 2019.As Mark Harper, a divorce lawyer at Hughes Fowler Carruthers, <a href="https://www.theguardian.com/lifeandstyle/shortcuts/2015/feb/24/divorce-rich-husband-london-english-law">told The Guardian in 2015</a>: "If you're the person with the money then most people will move heaven and earth to avoid a divorce in England because the law is much more generous to, typically, the wife, the person without the money."<div type="image" title="uk high court royal courts of justice" height="642" width="1285" msid="88437910" hostid="261"></div>London has been the scene of some of the financial elite's messiest and most expensive divorces.In 2014, the British investor <a href="https://www.businessinsider.com/executive-pay-chris-hohn-pays-himself-270-million-2017-12?r=US&amp;IR=T">Sir Christopher Hohn</a> was told to pay £337 million — nearly half of his £700 million fortune — to his American wife, Jamie Cooper-Hohn.Even though Hohn earned the money himself, the court ruled that his business was conducted in "partnership" with his wife, <a href="https://www.telegraph.co.uk/news/uknews/law-and-order/11258436/Sir-Chris-Hohns-wife-awarded-337-million-in-divorce-cash-fight.html">The Daily Telegraph reported</a>.In 2017, the Russian oligarch <a href="https://uk.reuters.com/article/uk-britain-divorce-akhmedov/ex-wife-of-russian-billionaire-secures-first-sliver-of-572-mln-divorce-bill-idUKKBN1OC2NS">Farkhad Akhmedov was told to surrender £453 million</a> — about 40% of his fortune — to his wife Tatiana. And in an <a href="https://www.familylawweek.co.uk/site.aspx?i=ed115866">anonymous 2013 divorce case known as "M v M,"</a> a judge declared that 50% of a Russian man's £107 million fortune should go to his Russian ex-wife, who had filed for divorce in London. Ayesha Vardag, a divorce lawyer, told The Guardian that the UK is a fantastic jurisdiction for wives seeking divorce.She spoke to the newspaper after representing <a href="https://www.theguardian.com/business/2017/apr/06/laura-ashley-boss-to-pay-ex-wife-divorce-settlement-of-64m">Pauline Chai, a Malaysian model, in her divorce from the fashion tycoon Khoo Kay Pen</a>, a case in which Chai won £64 million.Vardag said: "The principle that there is no discrimination between breadwinner and homemaker is the cornerstone of why the English jurisdiction is seen as a particularly fair one for the financially weaker spouse."Lawyers for Khoo <a href="https://www.forbes.com/sites/ceciliarodriguez/2013/08/22/divorce-tourism-london-is-still-the-top-destination/#2f7c3107515c">told the court</a> that his case had enhanced "the ill-gotten reputation of this country for being the divorce capital of the world."Vardag, one of London's most revered divorce lawyers, <a href="https://time.com/5037316/britain-divorce-london-capital-ayesha-vardag/">told Time magazine</a> in 2018 that the reason so many wives have a legal argument for pursuing divorce in England is that London property is a prized asset for the super-rich.This means the couple has assets over which a UK court can exert authority.The UK court system is also favorable for the weaker party as longstanding pre-marriage assets — <a href="https://www.ramsdens.co.uk/blog/sharing-non-matrimonial-assets-rare-white-leopard">like inheritance or property bought before the wedding</a> — is treated the same way as assets gained after marriage. <a href="https://www.divorcenet.com/states/nationwide/property_division_by_state">This is not the case in many US states.</a>Haya and Mohammed separated in 2019 after he learned she was having affair with her British bodyguard, the court heard. She fled to the UK that year with her children after learning he was accused of imprisoning one of his other children, <a href="https://www.insider.com/princess-latifa-escape-dubai-friend-interview-2019-7">Princess Latifa</a>, because she tried to escape.

How London became the divorce capital of the world for the mega-rich

<ul class="summary-list"><li>Temur Akhmedov is a 27-year-old caught in the middle of one of history's largest <keyword id="6355810" type="UNKNOWN" weightage="60" keywordseo="divorce">divorce</keyword> cases, between his father, billionaire Russian oligarch Farkhad Akhmedov, and his mother, Tatiana Akhmedova.</li><li>Akhmedova is suing her son for allegedly working with his father to conceal assets so he could avoid paying a $596 million divorce settlement. She is suing for nearly $100 million, <a href="https://www.ft.com/content/69a0aecf-ee3c-4e52-96f3-d973c0bd5d9a?list=intlhomepage">as reported by the Financial Times</a>, and has divorce cases open in at least six countries. </li><li>In mid-November, <a href="https://www.bloomberg.com/news/articles/2020-11-25/google-must-turn-over-emails-in-russian-oligarch-s-divorce-case?sref=BLKWHazc">Google was ordered by a US judge</a> to hand over Temur's emails to see if he assisted his father in transferring assets. </li><li>This week, Temur's <keyword id="6383453" type="UNKNOWN" weightage="60" keywordseo="wealth">wealth</keyword> took the stand in the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>, and he says a <keyword id="6355587" type="ORGANIZATION" weightage="60" keywordseo="Legal">legal</keyword> filing that he wasn't hiding assets, but lost $50 million from "risky" day-trading while a student at the <keyword id="6354968" type="LOCATION" weightage="60" keywordseo="london">London</keyword> School of Economics. </li><li>Akhmedova's legal team also claims that Temur received a £29 million ($38.6 million) apartment in London's exclusive <a href="https://www.theguardian.com/news/2020/dec/02/oligarchs-son-temur-akhmedov-flees-to-russia-mother-sues-over-hiding-divorce-millions">One Hyde Park</a> when he was 19. </li></ul>A superyacht in Dubai, an art collection worth $140 million, and a 27-year-old allegedly losing $50 million in "risky" day trading as a college student - welcome to one of the largest divorce cases in the world.The case has opened a window into the wealth of Temur Akhmedov, the 27-year-old son of Russian billionaire Farkhad Akhmedov and his ex-wife Tatiana Akhmedova, who is accusing Farkhad of not paying out a nearly $600 million divorce settlement. Akhmedova is pursuing the settlement in at least six countries, <a href="https://www.bloomberg.com/news/articles/2020-11-25/google-must-turn-over-emails-in-russian-oligarch-s-divorce-case?sref=BLKWHazc">including the US</a>, and claims her husband transferred assets to Temur to avoid paying the settlement. She is seeking nearly £70 million ($93 million) from Temur, <a href="https://www.ft.com/content/69a0aecf-ee3c-4e52-96f3-d973c0bd5d9a?list=intlhomepage">as reported by the Financial Times.</a>Assets previously disclosed in these cases include the superyacht and art collection mentioned above, but the day trading is new.Temur's legal team contests the allegations made by his mother. <h2>Temur says he wasn't hiding money from his mom - he lost nearly $50 million day trading instead</h2>Temur's wealth took the stand in the UK this week, and he's denying that he hid $50 million from his mother He claims in legal filings that he actually lost it making "risky" day trades while he was a student at the London School of Economics, and his mother knew about these losses at the time. "That the sums were astronomical is nothing to the point," Temur's attorney, Robert Levy, wrote in the filing. "Some of the extremely rich lavish their children with unimaginable sums. That is what Farkhad and Tatiana did during their marriage."Another example of this lavishing is the £29 million ($38.6 million) apartment that Temur received in London's exclusive <a href="https://www.theguardian.com/news/2020/dec/02/oligarchs-son-temur-akhmedov-flees-to-russia-mother-sues-over-hiding-divorce-millions">One Hyde Park</a> when he was 19, Akhmedova's legal team revealed. Temur's role in preventing the divorce payout stems back to as early as 2015, Akhmedova claims, before the initial divorce ruling was made in 2016. <div type="image" title="Tatiana Akhmedova" height="2182" width="2909" msid="79633739" hostid="261"></div>When presenting evidence at the start of the trial, Akhmedova <a href="https://www.dailymail.co.uk/news/article-9026233/Russian-oligarchs-ex-wife-arrives-High-Court-legal-showdown-SON.html">was asked why she was suing her eldest son</a>, rather than her youngest, Edgar, who had also received money from his father.She responded: "It was obvious to me that Temur played an active role in siding with my ex about the divorce and trying to hide assets and doing many more other things."Edgar was never actively involved. If anything, sometimes he was manipulated and [pressurized] into siding with my ex and Temur and they are continuing this."Back in 2016, Akhmedova was awarded 41.5% of Farkhad Akhmedov's billion-dollar fortune, but he has refused payment, stating they had already divorced 20 years prior.In mid-November, <a href="https://www.bloomberg.com/news/articles/2020-11-25/google-must-turn-over-emails-in-russian-oligarch-s-divorce-case?sref=BLKWHazc">Google was ordered by a US judge</a> to hand over Temur's emails to see if he assisted his father in the transferring of assets. A representative for the son told Bloomberg the suit was an attempt to "to find 'evidence' against him which simply does not exist.""As a result of this latest Google hearing, Temur hopes his mother and her backers will enjoy reading the contents of his old high school email account," the representative told Bloomberg. Representatives for Temur Akhmedov and Tatiana Akhmedova didn't immediately respond to Business Insider's requests for comment.

Son of Russian oligarch says he lost $50 million on 'risky' day trading while attending university

<ul class="summary-list"><li>The Luna <keyword id="12425898" type="UNKNOWN" weightage="60" keywordseo="superyacht" source="Orion">superyacht</keyword> was frozen by authorities in a German port, local media reported.</li><li>Its owner, pro-Kremlin oligarch Farkhad Akhmedov, was sanctioned by the EU in April.</li></ul>A luxury superyacht has been frozen in a German port after the police verified that its owner is a sanctioned, pro-Kremlin businessman, the country's media reported.Germany's federal police established as of this week that the yacht's owner is Farkhad Akhmedov, an Azerbaijani businessman with close ties to the Kremlin, as <a href="https://www.sueddeutsche.de/wirtschaft/sanktionen-bka-yacht-1.5582169">Süddeutsche Zeitung first reported</a>. Akhmedov was on April 8 swept into <a href="https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=OJ:L:2022:110:FULL&amp;from=EN">a round of European Union sanctions</a> in response to Russia's invasion of Ukraine. The Luna stayed in the port of Hamburg while German police unpicked the vessel's complex ownership structure, the paper reported. The Port of Hamburg confirmed the move in a statement to Insider. The German federal police did not immediately repond to Insider's request for comment.The yacht had been held in a Lichtenstein trust, a mechanism often used to conceal assets, as part of a bitter divorce row between Akhmedov and his ex-wife, <a href="https://www.dailymail.co.uk/news/article-8648145/Wife-Britains-biggest-divorce-case-NEVER-hands-exs-343million-superyacht.html">MailOnline reported</a>.The yacht is worth an approximate 400 million euros, or around $420 million, Süddeutsche Zeitung reported. <a href="https://www.reuters.com/article/us-dubai-russia-divorce-yacht-idUSKBN25G1Z5">Reuters put that figure at around $460 million</a>.It measures 377 feet long and boasts nine decks and even has a mini-submarine, Süddeutsche Zeitung reported. <a href="https://www.theguardian.com/news/2021/apr/21/oligarch-son-temur-akhmedov-told-to-pay-mother-75m-in-worlds-biggest-divorce-case">According to The Guardian</a>, it has 10 VIP cabins and a 66-foot-long swimming pool. It's the second yacht in the port of Hamburg to be frozen in connection with the Ukraine war. The world's largest yacht, the $735 million Dilbar, was impounded there in mid-April after police found that it was owned by the sister of sanctioned Uzbek-Russian oligarch Alisher Usmanov, <a href="https://www.businessinsider.com/oligarch-usmanovs-superyacht-dilbar-seized-in-germany-2022-4">as Insider's Dominick Reuter reported</a>. <a href="http://reuters.com/article/us-dubai-russia-divorce-yacht-idUSKBN25G1Z5">According to Reuters</a>, the Luna was built for the Russian oligarch Roman Abramovich, who sold it to Akhmedov in 2014.The Luna has a troubled history. In 2019, it was at the center of a deeply rancorous divorce settlement row between Akhmedov, his ex-wife Tatiana Akhmedova, and their son Temur, <a href="https://www.theguardian.com/news/2020/dec/02/oligarchs-son-temur-akhmedov-flees-to-russia-mother-sues-over-hiding-divorce-millions">The Guardian reported</a>. During the case Akhmedova claimed Temur helped his father conceal around $530 million in assets, including the yacht, the paper reported. Her settlement did not include the Luna, the paper reported.

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The 'dishonest' son of a Russian oligarch must pay his mom $100 million as part of the UK's largest divorce case

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A Russian oligarch's son lost $50 million making risky trades as a university student - and now his own mother is suing him as part of Britain's largest divorce case

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How London became the divorce capital of the world for the mega-rich

Bill Bostock

Son of Russian oligarch says he lost $50 million on 'risky' day trading while attending university

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$420 million yacht owned by pro-Kremlin oligarch that comes with its own mini submarine is frozen in German port

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