Bankrupt tycoon’s ‘£3bn Facebook deal plan’ revealed

Family Law|November 13th 2013

Scot Young has been questioned by his former wife’s counsel about his plans to make nearly £3 billion from Facebook shares,  The Daily Telegraph reports.

The information came from a hand-written note by Mr Young, seized last year, and was quoted in court by Mrs Young’s barrister, Rex Howling QC.  The piece of paper had notes on it on the Facebook flotation and a share deal involving Silicon Valley giant Sean Parker, the social networking site’s first president.

“Will make $4.5 billion [£2.8 billion],” the note said.

However, Mr Young insisted:

“This is just a random piece of paper with my scribbling. Can I state for the record that I have never owned shares in Facebook in any shape or form.”

It was also alleged that the father of two had received £80mln in cash payments over a five-year period. Financial investigators couldn’t find any entry of these funds on bank statements provided by the businessman.

Scot Young claims that he is penniless, following a disastrous property deal named “Project Moscow” back in 2006. His ex-wife is convinced that the businessman is hiding “billions” to deny her a settlement.

A forensic analysis of Mr Young’s finances revealed a “phenomenal amount of money” passing through his bank accounts, according to Rex Howling QC.

“There was £134 million of cash movement through your various accounts between January 2004 and October 2009. A total of £80 million of payments were made to Mr Young, for which no entries were found in the bank statements provided.”

Mr Young denies the claims.

Rex Howling QC also questioned the businessman about the £200,000 deposit on two villas in February 2006, during the period of the catastrophic property deal and financial demise.

“…I was getting it at a very good discount to the market value,” Scott Young replied.

The tycoon was also asked about service charge bills for properties he claimed not to own.

“I think it’s a little bit unfair that I’m being asked to prove a negative,” replied Michelle Young’s former spouse.

London’s High Court has previously heard that Scott Young told a paparazzi  he had offered his wife £27mln and she had turned it down, a statement he denies ever making.

The Youngs, who both live in London and have two daughters. They started their relationship in 1989 but separated in 2006.

The hearing continues.

Author: Stowe Family Law

Comment(1)

  1. Paul says:

    Why aren’t you on this case, Marilyn, given your acknowledged forensic skills?

    I expect the money will only ever offer fleeting glances and somehow never be revealed. This will be known as the McAvity Case, after T S Eliot’s famous mystery cat.

    On a more serious note why are courts even entertaining these cases? I know you’ll say it’s justice and we all know the system loves the money but really, can’t the courts limit their involvement in this prolonged nonsense? Think of how many contact applications this is holding up or other cases that are one hundred times more deserving of court time.
    We need some summary justice here.

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