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| Oil tycoon Michael Prest's wife wins court divorce ruling | Oil tycoon Michael Prest's wife wins court divorce ruling |
| (35 minutes later) | |
| The Supreme Court 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. | The Supreme Court 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. |
| Judges ruled seven properties at the centre of the dispute could effectively be counted as assets of Mr Prest. | 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. |
| Mr Prest has argued his properties, worth millions of pounds, are not personally owned by him but by off-shore companies. | Mr Prest has argued his properties, worth millions of pounds, are not personally owned by him but by off-shore companies. |
| The High Court had ordered Mr Prest to transfer the properties to his wife, but the Court of Appeal then decided in October that this ruling was wrong. | The High Court had ordered Mr Prest to transfer the properties to his wife, but the Court of Appeal then decided in October that this ruling was wrong. |
| Mrs Prest then asked the Supreme Court - the highest court in the UK for civil cases - to review the Court of Appeal's decision. | Mrs Prest then asked the Supreme Court - the highest court in the UK for civil cases - to review the Court of Appeal's decision. |
| In allowing her appeal, the Supreme Court ruled the homes were "held on trust" for Mr Prest by the companies. | In allowing her appeal, the Supreme Court ruled the homes were "held on trust" for Mr Prest by the companies. |
| 'Obstructive conduct' | 'Obstructive conduct' |
| The ruling was a unanimous decision of seven Justices of the Supreme Court. | The ruling was a unanimous decision of seven Justices of the Supreme Court. |
| Yasmin Prest's lawyer Caroline Holley welcomed the verdict. | |
| "The Supreme Court has dealt a blow to dishonest spouses everywhere and taken this important opportunity to send a clear message that those seeking to avoid responsibilities to their divorcing spouses and children will not be allowed to succeed," she said. | |
| The case will be watched by some wealthy couples, particularly those from outside the UK, said William Longrigg, head of the family sector at law firm Charles Russell. | The case will be watched 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". | 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." | 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 extent of his wealth. | During the legal proceedings, Mr Prest has been criticised for failing to be frank about the true extent of his wealth. |
| His conduct had been "characterised by persistent obstruction, obfuscation and deceit", Lord Sumption said in his judgement. |