Norwegian entrepreneur Alexander Vik showed up in London court Friday to fight a claim that he hid assets to avoid paying more than $250m in legal fees to Deutsche Bank, saying that he owes double that to his own father.
Bloomberg News reports that the 60-year-old denied that he sold off business interests, dissolved companies and resigned from a trust in a bid to prevent the bank from reclaiming costs after it beat his Sebastian Holdings in a lawsuit two years ago.
He was seeking $8bn over trading losses. Vik now owes about $280m after interest accrued at 8% a year.
‘The whole trust is a sham, isn’t it’, Sonia Tolaney, a Deutsche Bank lawyer, asked Vik during a cross examination Friday. ‘It was set up to try and move SHI’s money away from the bank, wasn’t it?’
The bank is trying to establish that Vik relinquished control of companies and trusts to various family members, including his father. Vik said he owes his dad around $500m.
Vik denied trying to hide assets.
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