Jailed property man hid his assets in offshore network during divorce
April 17, 2013 Leave a comment
By Duncan Campbell and Craig Shaw
Jailed British property developer Scot Young, an associate of Russian oligarch Boris Berezovsky, constructed a secret network of offshore companies to hold his assets during a multimillion-pound divorce battle, according to the International Consortium of Investigative Journalists (ICIJ’s) research.
His story graphically demonstrates the way hideaways such as the British Virgin Islands (BVI) can be used by a man bent on cheating the law.
Young, 51, described as a fixer for the super-rich, rose suddenly from working-class origins in Dundee to occupy a £14m Oxfordshire mansion and to throw his money about in spectacular fashion. He once bought his then wife, Michelle, a Range-Rover filled to the roof with couture dresses. For her 40th birthday, he gave her a £1m necklace.
He is held in Pentonville prison for contempt of court, following bitter seven-year divorce proceedings in which he failed to explain where his fortune had gone. He could be eligible for parole in two weeks. He has not responded to requests for comment.
Michelle Young is suing for a share of the £400m fortune that Young reportedly owned in 2005, but which he claims disappeared and became debts of £28m within three months. He owes nearly £1m in maintenance and £1.28m in unpaid tax.
Despite declaring bankruptcy in 2010, Young continued to live lavishly. He told the high court that top businessmen were supporting him with gifts and loans.
Mrs Young alleges that associates such as the exiled Berezovsky, who was found hanged at his Ascot mansion last month, helped her ex-husband conceal his assets.