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Six month jail term for husband who failed to disclose ‘missing’ £400 million fortune
Article date: 05/03/2013
In a recent landmark ruling, a High Court Judge sentenced property tycoon Mr Scot Young to six months in prison after failing to disclose and account for a £400 million fortune as part of divorce financial proceedings.
An acrimonious divorce battle between Mr and Mrs Young has been continuing for six years. The couple enjoyed a luxurious "jet set" lifestyle with Mr Young having made his fortune as a "fixer" for British and Russian billionaires as well as buying and selling properties.
During the legal fight, attempts to get Mr Young to disclose his finances have been repeatedly met by claims that he was "penniless". He has claimed that his fortune was lost in an unsuccessful property deal shortly after the couple separated.
However, lawyers for Mrs Young maintain that he continued to enjoy an extravagant lifestyle, despite his pleading to the contrary. The judge held that neither a fine nor suspended sentence would be a sufficient penalty for his repeated contempt of court.
Mr Young has now threatened to take his wife to jail with him due to her use of numerous private detectives.
Philip Barnsley, partner and head of the family department at Higgs & Sons Solicitors says: "As part of a divorce both parties are under a duty to provide full, frank and clear financial disclosure. If a party fails to provide such information, it can have serious consequences and this case provides a stark reminder of the possible consequences of failing to comply with that requirement."
"The case also provides an insight into how acrimony within divorce can be so damaging to the parties involved. The emotional strain on both parties is huge, not to mention financial cost of legal fees over the last six years."
"It is therefore vital that parties seek legal advice in order to ensure that they are fully aware of their legal obligations".
To find out more contact Philip Barnsley, head of the family department at Higgs & Sons on 0845 111 5050 or email Philip.firstname.lastname@example.org.