Law 12:13 01/11/2023 World

Russia billionaire Vladimir Potanin bids to dodge massive UK divorce claim

Russia's richest man, Vladimir Potanin, took the dispute with his ex-wife to the UK's top court in a bid to avoid facing one of the world's largest divorce claims, as he warned against the "generosity" of the English courts, Bloomberg reports.

Lawyers for the sanctioned billionaire asked Supreme Court judges on Tuesday to overturn a previous ruling that cleared the way for Natalia Potanina to renew her multilbillion dollar claim in London. Potanin has a net worth of $29.3 billion, according to the Bloomberg Billionaires Index.

The case is set to test UK laws that have led to London being dubbed the world's divorce capital as judges tend to favor an equal split of assets between spouses. Potanina's lawyers estimated in 2019 that the size of her claim could potentially be as much as $9 billion.

The English courts "are renowned for their generosity" in their approach to divorce cases, Potanin's lawyer Edward Faulks said in court. But the current legislation "encourages forum-shopping in big money cases such as this."

In the UK, the largest publicly known court award in a divorce is currently £450 million to the wife of billionaire Farkhad Akhmedov - though the two settled with a payment of less than one-third of that amount.

Judges previously said that Potanina received a "paltry award" in prior Russian divorce proceedings, given the billionaire's wealth and the length of their 31-year-marriage.

The case has swung back and forth with a lower court ruling accusing Potanina of "divorce tourism before she then won an appeal. The two lived in Russia throughout their marriage before Potanina bought a home in Westminster in 2014. Potanina is seeking 50% of the value of his stake in MMC Norilsk Nickel PJSC alongside dividends. That amount would far exceed $5 billion, given that Potanin owns around one-third of the shares in the metal producer.

Potanina said she received around $40 million following Russian divorce proceedings while Potanin said she ended up with $84 million.

"The costs and delay in this case have been eye-watering with no substantive progress," lawyers for Potanina said. By January 2022, Potanin had spent some £8.4 million ($10.2 million), while his former wife had spent £1.4 million in costs.

Potanin has taken advantage of restrictions on foreign ownership of Russian assets since the Kremlin invaded Ukraine by branching out into finance and buying stakes in banks as foreign owners pulled out. Potanin was sanctioned by the UK after buying a stake in Rosbank PJSC. He was also placed on the US blacklist at the end of last year. Before that, Potanin had largely avoided western sanctions that hit other members of the Russian elite



Source Panorama.am
Share |
Տեքստում սխալ կամ վրիպակ նկատելու դեպքում, ուղարկեք խմբագրին հաղորդագրություն` նշելով տվյալ սխալը, այնուհետև սեղմելով Ctrl-Enter:

Newsfeed

17:12
Armenia to face Georgia in Nations League play-off
The 2024/25 UEFA Nations League knockout stage and play-off ties have been confirmed following the draw in Nyon, Switzerland on Friday....
16:36
Hayk Marutyan agrees to debate with Tigran Avinyan
New Power party leader Hayk Marutyan has agreed to a TV debate with incumbent Yerevan Mayor Tigran Avinyan. Marutyan, a former Yerevan...
15:45
Opposition politician: Pashinyan leading Armenia to 'final collapse'
Prime Minister Nikol Pashinyan’s administration is leading Armenia to the “final collapse” and Turkification, opposition...
15:05
Caretaker deputy justice minister sacked
Armenian Prime Minister Nikol Pashinyan has signed a decree to dismiss Armenuhi Harutyunyan as Acting Deputy Minister of Justice....
14:35
Armenian parliament speaker confirms MP's resignation
National Assembly Speaker Alen Simonyan has issued a statement on the resignation of Narek Zeynalyan as an MP from Armenia’s ruling Civil...
14:06
Visa restricts media access to key event in Yerevan
Visa has restricted the media access to the Cashless Forum 2024 to be held in Yerevan for the first time on November 22. Only...
13:36
Orban says he will invite Netanyahu to Hungary after ICC warrant
Prime Minister Viktor Orban said on Friday he would invite Israeli Prime Minister Benjamin Netanyahu to visit Hungary, saying he would guarantee...
13:11
Temps to plummet in Armenia
Clear weather is expected in Armenia's regions on Friday and over the weekend. Rain and snow are forecast for most parts of the country...
12:32
Alexis Ohanian showcases rare Armenian coin
Reddit co-founder Alexis Ohanian has showcased a rare Armenian coin from 95 BC featuring Tigranes the Great, a famous Armenian king....
12:16
German foreign minister criticizes Azerbaijan's human rights record
German Foreign Minister Annalena Baerbock criticized the human rights record of Azerbaijan during her first appearance at the UN Climate Change...
12:06
Minister shares new images captured by Armenia's first satellite
Armenia's Minister of High-Tech Industry Mkhitar Hayrapetyan has shared new satellite images from orbit captured by ARMSAT-1,...
11:36
World Cadet Chess Championship passes its halfway mark
The 2024 World Cadet Chess Championship has passed its halfway mark in Montesilvano, Italy. After 6 rounds, in the Open 12 category CM...
11:15
Iran to launch 'new and advanced centrifuges' in response to IAEA censure
Iran said Friday it would launch a series of "new and advanced" centrifuges in response to a resolution adopted by the IAEA that...
11:00
Armenian, Iranian foreign ministers hold phone call
Armenian Foreign Minister Ararat Mirzoyan on Thursday had a telephone conversation with his Iranian counterpart Seyed Abbas Araghchi....
17:07
Winter military draft starts in Armenia on November 25
The winter conscription for compulsory military service starts in Armenia on November 25 to run through January 31, 2025. The...
16:45
Russian spokeswoman told not to comment on ballistic missile strike live on air
Russia's foreign ministry spokeswoman Maria Zakharova received a phone call during a live press briefing on Thursday telling her not to...
16:33
Belgian politicians call for immediate release of all Armenian prisoners held in Baku
In the backdrop of the COP29 currently taking place in Baku 20 members of the Belgian Federal Parliament, the Flemish Parliament, the Walloon...
16:06
Armenia thwarts large-scale drug smuggling attempt
Officers of Armenia’s State Revenue Committee (SRC) have foiled an attempt to smuggle some 1,600 grams of cocaine into the country as part...
15:33
Armenian government reduces financial aid for Artsakh refugees
The Armenian government on Thursday approved a decision to reduce financial aid for the displaced Artsakh Armenians. Starting from...
14:45
Percival Everett wins National Book Award
Percival Everett has won the $10,000 National Book Award for fiction, one of the US’s most prestigious literary prizes, for James, his...
14:35
Pyunik v West Armenia match canceled
An Armenian Premier League match between FC Pyunik and West Armenia has been canceled. The 17th round match was scheduled for November 21....
14:06
Armenian Foreign Ministry denies cooperation with Azerbaijan on water management
Armenia’s Foreign Ministry has denied claims of cooperation with Azerbaijan on transboundary water resources management. In a social...
13:36
No rain in sight for rest of the week
Clear weather is expected in Armenia's regions from Thursday to Sunday.  Rain and snow are forecast for most parts of the country...
13:06
Pashinyan thanks dismissed officials for cooperation
Armenian Prime Minister Nikol Pashinyan expressed gratitude to the dismissed top government officials for joint work and wished good luck to...
12:36
Armenian church marks Presentation of Virgin Mary
The Armenian Apostolic Church celebrates the Presentation of the Blessed Virgin Mary on Thursday, November 21. According to tradition,...
12:15
Luxembourg's parliament demands immediate release of all unlawfully imprisoned persons in Azerbaijan
Luxembourg’s Chamber of Deputies has adopted a resolution condemning the Azerbaijani government’s sanctions against the freedom of...
12:00
Davit Khudatyan appointed minister of territorial administration
Armavir Governor Davit Khudatyan has been appointed Minister of Territorial Administration and Infrastructure. Armenian President Vahagn...
11:45
Australia launches bill to ban social media for children under 16
Australia's centre-left government on Thursday introduced a bill in parliament that aims to ban social media for children under 16 and...
11:30
Armenia's Andranik Avetisyan wins gold at World Military Wrestling Championships
The 37th World Military Wrestling Championships kicked off in Yerevan, Armenia, on Wednesday, bringing together 400 participants...
11:10
Leopard missing for two years spotted in Armenia's Tavush
A leopard, that lost its front paw and disappered from Armenia's Vayots Dzor Province in December 2022, has been spotted in...

Follow us and get updates!

Most popular articles

{"core.blocks.header.spell_message1":"Selected mistake: ","core.blocks.header.spell_message2":"Send a message about the mistake?"}