The verdict is in.
An oil trader’s ex-wife won a U.K. Supreme Court ruling giving her the right to force offshore companies owned by her former husband, Michael Prest, to turn over assets as part of a $27.4m divorce settlement.
Bloomberg News reports that Petrodel Resources Ltd. held several U.K. properties in trust for Prest - and his wife, Yasmin Prest, can access them to satisfy the award in the divorce case, the U.K. Supreme Court ruled Wednesday.
The court said the relationship between Prest and the companies was so close that it created an exception to the traditional separation of corporate and personal assets.
'In the particular circumstances of the case, the properties were held by the husband’s companies on a resulting trust for the husband, and were accordingly property to which the (husband) is entitled, either in possession or reversion', the court said in a statement summarizing Justice Jonathan Sumption’s ruling Wednesday.
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