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Oil tycoon Michael Prest's wife wins court divorce ruling Oil tycoon Michael Prest's wife wins court divorce ruling
(about 2 hours later)
A Supreme Court judge has ruled in favour of the English estranged wife of a Nigerian oil tycoon in a case lawyers say could have significant implications for divorcing couples. A Supreme Court judge has ruled in favour of the English estranged wife of a Nigerian oil tycoon in a case lawyers say could have implications for some wealthy divorcing couples.
Michael Prest lost the latest round of a legal fight, which means his wife can now appeal against an earlier ruling.Michael Prest lost the latest round of a legal fight, which means his wife can now appeal against an earlier ruling.
The Appeal Court had said Mr Prest did not have to hand over property worth millions as part of their divorce. Judges ruled seven properties at the centre of the dispute could effectively be counted as assets of Mr Prest.
Yasmin Prest said she was "delighted and relieved" by the judgement.Yasmin Prest said she was "delighted and relieved" by the judgement.
The dispute surrounds ownership of Mr Prest's properties, some of which are owned by companies based offshore. Mr Prest has argued that his properties, worth millions of pounds, are not personally owned by him but by off-shore companies.
He has argued that the properties are not personally owned by him but by company shareholders. Appeal judges concluded in October that an earlier ruling ordering Mr Prest to transfer the properties held in the names of companies he controlled was wrong.
Appeal judges concluded in October that an earlier ruling ordering Mr Prest to transfer properties held in the names of companies he controlled was wrong. Mrs Prest then asked the Supreme Court - the highest court in the UK - to review the case.
His estranged wife then asked the Supreme Court - the highest court in the UK - to review the case. In allowing her appeal, the Supreme Court ruled the homes were "held on trust" for Mr Prest by the companies.
'Obstructive conduct'
The case will be watched carefully by some wealthy couples, particularly those from outside the UK, said William Longrigg, head of the family sector at law firm Charles Russell.
He said the Supreme Court had in this case "shown itself to come down on the side of fairness... in favour of the financially weaker party".
But he said the facts of the case were quite specific, adding: "Assets held by a company will still be regarded as company assets - not those of the husband."
The couple, both in their 50s, married in 1993 and spent most of their time in London.The couple, both in their 50s, married in 1993 and spent most of their time in London.
They had properties in Nigeria and the Caribbean and lived their life to a "very high standard", judges heard.They had properties in Nigeria and the Caribbean and lived their life to a "very high standard", judges heard.
The court was told Mr Prest claimed to be worth about £48m, but Mrs Prest said he could be worth hundreds of millions.The court was told Mr Prest claimed to be worth about £48m, but Mrs Prest said he could be worth hundreds of millions.
During the legal proceedings, Mr Prest has been criticised for failing to be frank about the true size of his finances. During the legal proceedings, Mr Prest has been criticised for failing to be frank about the true extent of his wealth.
In an earlier hearing a judge described his evidence as both "deceitful and shambolic". His conduct had been "characterised by persistent obstruction, obfuscation and deceit", Lord Sumption said in his judgement.