How Mr. Akhmedov Could Have Hidden Money
Today’s post shows how Mr. Farkhad Akhmedov may have hidden money from his now ex-wife Tatiana Akhmedova. It describes how Mr. Akhmedov could have placed money out of Ms. Akhmedova’s reach by: using nominees (i.e. intermediaries) ; parking assets offshore; transferring assets to a Bermudian trust & Liechtenstein entities. This post is the 41st post in my Divorce & Hidden Money series.
In 2016 a UK court awarded Tatiana Akhmedova a £453 million judgment against her now ex-husband Farkhad Akhmedov. This could be the largest UK divorce award to date. The £453 million was 41.5 percent of Mr. Akhmedov’s wealth. To collect the £453 million from Mr. Akhmedova, Ms. Akhmedova brought legal proceedings in England; Dubai; the Marshall Islands; Liechtenstein and New York. In New York, Ms. Akhmedova filed a motion seeking a court order recognizing her foreign UK judgment(s) in NY. Despite Ms. Akhmedova’s worldwide efforts, Ms. Akhmedova reportedly recovered only 1% of the £453 million.
According to Ms. Akhmedova, Mr. Akhmedov hid assets through nominees or alter egos. Ms. Akmedova also alleged Mr. Akhmedova used their 26-year-old son Temur to hide substantial sums of money. By using nominees, Mr. Akhmedov might have hidden his: bank accounts; art collection; real estate; yacht and aircraft. For example, one way to hide a yacht or aircraft is to form a Delaware shell company and then use a nominee director to register the yacht or aircraft with anonymity.
Furthermore, court filings assert Mr. Akhmedov placed assets in a Bermudian trust associated with business entities in Panama, Cyprus and the Isle of Man. However, Mr. Akhmedov reportedly transferred the Bermudian trust assets to Liechtenstein entities. The UK court’s decision and the flowchart reproduced below, mention the Bermudian trust which Mr. Akhmedov apparently used to hide assets.
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