The ex-wife of a property mogul has launched a legal bid to prevent him “frittering away” the couple’s £18 million fortune.
In December, she successfully applied to the High Court for a temporary asset freezing injunction to prevent her ex-husband selling off his student housing businesses which he has built up across the East Midlands. Now, she seeks to make this injunction permanent.
The couple had lived an “opulent” life outside Nottingham in a £2 million home, the Court heard, but their relationship did not last. They divorced in an Israeli Rabbinical court but before they separated they signed a ‘divorce agreement’ which stated that their assets would be divided equally between them.
At the High Court, her legal representative said she was worried that her former husband would treat the couple’s assets like “his own personal wallet” and buy things such as “convertible Bentleys, penthouses and the like”. They claimed he would take money out of his companies “in a completely uncontrolled and untransparent manner” in order to reduce the amount of money she would eventually receive in their divorce settlement.
The husband denied the allegations, claiming that money had been moved into “speculative, high risk investments” which had left “a diminished pot of assets”. He insisted that the companies which had been valued at over £13 million back in 2013 were now worth significantly less. The husband is simply trying to keep his businesses running and was not trying to cheat his ex-wife out of anything, his counsel told the court.
The case is ongoing.