The losses of Russian billionaire, Dmitry Rybolovlev, from his investment in Bank of Cyprus are nothing compared to the price he will be called to pay to his ex-wife as part of a settlement for their divorce.
The Russian tycoon will pay a total of £2,7 billion to his ex-wife - the biggest divorce settlement in history.
In papers delivered on Monday to both parties, a court in Switzerland said Mr. Rybolovlev, one of the owners of French soccer club AS Monaco, must pay more than 4bn Swiss francs to Elena Rybolovleva.
The judgment also granted his ex-wife property in the ski resort of Gstaad worth 130.5m francs and two other buildings in the wealthy Cologny area of Geneva, where the couple once lived together. It confirmed her custody of their 13-year-old daughter, Anna.
Ms Rybolovleva’s lawyer called it “the most expensive divorce in history”.
However, Mr Rybolovlev's lawyer said that the judgment's cash order was likely to be whittled down during the appeal process.
In 2010, Mr Rybolovlev, who is also the owner of Skorpios island,, had acquired close to 10% of the shares of Bank of Cyprus. He lost almost all of the investment with the bail-in in March 2013.
Announcement of Rybolovlev’s lawyer
This judgment has the merit of confirming both the validity of the trusts created by Mr. Rybolovlev and the validity of the asset transfer to them that occurred long before his wife initiated divorce proceedings. The transfer of property to heirs through the trust structures, in particular to the couple’s children, is therefore immune from legal challenge and is assured.
The extraneous element of the case is that the real issues of this litigation are located abroad, and not in Switzerland.
As to the amount of the claim of 4,020,555,987 .90 CHF by Mrs Rybolovleva against Mr. Rybolovlev, there will definitely be a new appellate review and therefore this judgment is not final given the existence of two levels of appeal in Switzerland.
The Russian tycoon will pay a total of £2,7 billion to his ex-wife - the biggest divorce settlement in history.
In papers delivered on Monday to both parties, a court in Switzerland said Mr. Rybolovlev, one of the owners of French soccer club AS Monaco, must pay more than 4bn Swiss francs to Elena Rybolovleva.
The judgment also granted his ex-wife property in the ski resort of Gstaad worth 130.5m francs and two other buildings in the wealthy Cologny area of Geneva, where the couple once lived together. It confirmed her custody of their 13-year-old daughter, Anna.
Ms Rybolovleva’s lawyer called it “the most expensive divorce in history”.
However, Mr Rybolovlev's lawyer said that the judgment's cash order was likely to be whittled down during the appeal process.
In 2010, Mr Rybolovlev, who is also the owner of Skorpios island,, had acquired close to 10% of the shares of Bank of Cyprus. He lost almost all of the investment with the bail-in in March 2013.
Announcement of Rybolovlev’s lawyer
This judgment has the merit of confirming both the validity of the trusts created by Mr. Rybolovlev and the validity of the asset transfer to them that occurred long before his wife initiated divorce proceedings. The transfer of property to heirs through the trust structures, in particular to the couple’s children, is therefore immune from legal challenge and is assured.
The extraneous element of the case is that the real issues of this litigation are located abroad, and not in Switzerland.
As to the amount of the claim of 4,020,555,987 .90 CHF by Mrs Rybolovleva against Mr. Rybolovlev, there will definitely be a new appellate review and therefore this judgment is not final given the existence of two levels of appeal in Switzerland.
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