Family court jails property tycoon for failing to disclose assets
Property tycoon scot Young has been jailed for six months for failing to provide financial information in ancillary relief proceedings. When Mr Young separated from his wife in 2006 he had been understood to be worth £400m. However he claims to have lost his entire fortune overnight in a Russian deal. The application for committal on 16 January 2013 came as a result of Mr Young failing to comply with orders to disclose details of the whereabouts of his wealth and how he was funding his lifestyle.
Mr Justice Moor described Mr Young's conduct as a "flagrant and deliberate contempt".
The decision in the family division of the High Court follows a protracted dispute over maintenance payments. Four years ago Mr Young was ordered to pay his wife £27,500-a-month in maintenance. It is understood that no payments have been made to date and arrears are in the region of £1m.
sentencing Mr Young to prison, Moor J said: "The husband says he is penniless and bankrupt. The wife, on the other hand, contends that he is a very wealthy man worth up to £400m. she says he has hidden his entire resources to avoid his legitimate obligations towards her and the children."
The matter is set for trial later in the year.
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