Superyacht 'Luna', owned by Russian billionaire Farkhad Akhmedov, docked at Port Rashid in Dubai in 2019. Reuters
Superyacht 'Luna', owned by Russian billionaire Farkhad Akhmedov, docked at Port Rashid in Dubai in 2019. Reuters
Superyacht 'Luna', owned by Russian billionaire Farkhad Akhmedov, docked at Port Rashid in Dubai in 2019. Reuters
Superyacht 'Luna', owned by Russian billionaire Farkhad Akhmedov, docked at Port Rashid in Dubai in 2019. Reuters

Oligarch’s son flees to Russia amid wrangling over UK’s most expensive divorce


Paul Peachey
  • English
  • Arabic

The son of an oligarch fled to Russia instead of facing questions in a London court over claims he helped his father to hide nearly £453 million ($607.6m) owed to his mother after the UK's largest divorce settlement.

Temur Akhmedov, 27, is being sued by his mother Titiana Akhmedova in London but told a judge over video link on Wednesday that he travelled to Russia at the weekend because he was stressed and scared.

Ms Akhmedova claims her billionaire Russian former husband, Farkhad Akhmedov, transferred cash and assets to their eldest son to avoid paying a divorce settlement awarded by a London court in 2016. The two men deny the claims.

She has so far received only £5m of the settlement and her former husband has not “voluntarily paid a penny”, according to court documents.

Temur had been due to fly to London from Dubai for the case, but instead travelled to Russia and was staying at his sister's home, The Guardian reported.

He has a £30m apartment in London but claimed he was unable to live there because it was being used as collateral for a loan to pay his legal fees.

“I got stressed. I got scared,” Temur said on what was supposed to be the first day of a trial. “I’m 27, but I’m being sued by my mother.”

Judge Gwynneth Knowles said she would consider postponing the hearing until next week to allow him to obtain a loan to pay his lawyers.

“I expect you to get on a plane and come to London,” she told him.

A US judge last month ordered Google to hand over Temur’s emails to his mother as part of her legal campaign.

She previously won the right to search his London flat that netted nearly 50 electronic devices owned by her son.

Her hunt for assets spanned at least six countries but mostly centred on a superyacht, Luna, moored in Dubai.

Farkhad Akhmedov transferred the yacht and an art collection worth a combined £450m to trusts in Liechtenstein to prevent his wife from enforcing her claim, a judge ruled.

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The Pope's itinerary

Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport


Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial


Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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'Texas Chainsaw Massacre'

Rating: 1 out of 4

Running time: 81 minutes

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Starring: Sarah Yarkin, Elsie Fisher, Mark Burnham

Terror attacks in Paris, November 13, 2015

- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France