The financiers who helped a Russian billionaire’s ex-wife in her High Court divorce battle were paid 103 million dollars (£74.6 million) for their part in the high-profile case.
Burford Capital, which pays claimants in legal challenges in exchange for a part of any settlement, has received “its full financial entitlement,” according to the London Stock Exchange.
in relation to the Akhmedov case”
This year’s operating profits are expected to increase by $20 million (PS14.5 million) as a result of the case, according to the corporation.
Tatiana Akhmedova, a Russian housewife, had her legal action funded by Burford Capital (Yui Mok/PA) / PA Archive Burford funded Tatiana Akhmedova via the High Court of London, where a judge ordered a divorce compensation of almost PS450 million.
Mr Justice Haddon-Cave awarded her a 41.5% part of her ex-husband Farkhad Akhmedov’s PS1 billion-plus fortune in late 2016, despite her being Russian and living in London.
Mr Akhmedov failed to pay, so Ms Akhmedova began legal action in the United Kingdom and overseas to track down and collect his assets.
Ms Akhmedova said she had hired an asset recovery team, which includes former members of the Royal Navy’s Special Boat Service, to prepare for the case.
Her spokeswoman announced in May that items worth millions of pounds had been retrieved, including a helicopter and speedboat.
Ms Akhmedova’s son, Temur Akhmedov, was accused of concealing his father’s fortune from his mother (Yui Mok/PA) / PA Archive At the time, the spokesman claimed Ms Akhmedova also believed she was entitled to a superyacht, the Luna, valued more than PS200 million and docked in Dubai.
He said that a court decision in the Marshall Islands, where the vessel is registered, had cleared the way for the transfer of ownership.
Mr. Akhmedov’s spokesman disagreed.
He claimed that a Dubai court judgment prohibited Ms Akhmedova from taking the vessel.
Mr Akhmedov claims that a British judge should not have made a financial judgement since he and his ex-wife are not British and were not married in the United Kingdom.
Another London High Court judge found earlier this year that Ms Akhmedova had been the victim of a “series of schemes” aimed at putting “every penny” out of her grasp.
Ms Justice Gwynneth Knowles, who has handled recent litigation, has concluded that Temur Akhmedov, her ex-husband and eldest son, conspired against her.
Temur Akhmedov, she claimed, was his father’s “lieutenant.”
The judge said Temur Akhmedov had received enormous quantities of money and ordered him to reimburse his mother roughly PS75 million.
Burford Capital is one of a growing number of litigation funding companies in the UK as class action lawsuits become increasingly popular.
Therium Litigation Funding, a competitor, is now financing a group of pension funds and asset managers who will learn this week if they can join a group to bring legal action against several large banks for allegedly rigging foreign currency rates.