LONDON – Russian billionaire Farkhad Akhmedov and his former wife Tatiana Akhmedova reached a settlement on Friday after years of legal wrangling over a record 454 million pound ($625 million) divorce award made by London’s High Court in 2016.
The dispute led to an unsuccessful attempt by Akhemdova to seize a 115-metre (377-foot) superyacht owned by her former husband through courts in Dubai, as well as a separate court order for her son Temur to pay her more than 70 million pounds from family assets.
The terms of Friday’s settlement are confidential and how much money Akhmedova will now receive is unclear.
“This was never about a figure but a husband honouring his commitment to his family,” a spokesperson for Akhmedova said, rejecting a claim from a spokesperson for her former husband that she would have been better off not pursuing the legal action.
The Times newspaper said Akhmedova would receive around 150 million pounds, which would also have to cover her legal costs.
Akhmedova’s legal action was funded through a specialist financing company, Burford Capital, which said it would receive approximately $103 million for its efforts to enforce the 454 million pound judgment.
Burford said the settlement would boost its operating profit this year by around $20 million.
“In aggregate, Burford expects the matter to have generated more than $70 million of realized gain over the life of the investment,” it said in a statement https://www.burfordcapital.com/media-room/media-room-container/burford-capital-reports-resolution-of-akhmedov-judgment-enforcement-matter.
British judge Gwynneth Knowles, in her ruling against Akhmedova’s son Temur in April, said: “The Akhmedov family is one of the unhappiest ever to have appeared in my courtroom.”
($1 = 0.7266 pounds)