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| Michael Prest and Yasmin |
Nigerian
Michael Prest is no doubt one of
Britain’s most successful black businessmen. The 50-Year Old Oil Tycoon, who
was once named one of Britain’s most influential black men, is attempting to overturn
a High Court ruling in which he was ordered to pay £17.5 million cash and
assets to his wife of 15 years, Yasmin.
The
judge found that despite Mr Prest's
claims that he was £48 million in debt, he was worth "conservatively...at
least £37.5 million" and had treated the court proceedings "as a
game."
However,
Mr Prest applied for permission to
appeal on the grounds that his oil company’s assets did not belong to his wife
but were "held in trust" for his children, and the children of his
four siblings in Africa, under Nigerian Itsekiri customary law.
The
Appeal Court heard that his company, Petrodel
Resources Ltd, was established using a gift of £10,000 "seed money" from his Nigerian father before he died in
1992.
Martin
Pointer QC, for Mr Prest, said that
under customary law in Nigeria, the death left Mr Prest as head of his family, with a responsibility to use the
inheritance to look after his siblings and their children. Mr Prest's brother, Michel,
launched a claim in the Nigerian High Court in 2009 seeking a declaration that
the oil company forms part of the estate of their late father.
Mrs Prest, 49, fiercely contested the
assertion, telling the court that
Petrodel, one of the largest independent energy investment companies in Sub
Saharan Africa, was "100 per cent owned and controlled" by her former
husband and was effectively his "alter ego."
But
although Lord Justice Thorpe criticised Mr Prest's "flagrant breach"
of his duty to fully disclose his financial affairs, he granted him permission
to appeal after hearing that the Nigerian court had forbidden him from sharing
information relating to Petrodel with third parties.
"We
are giving you leave on the customary law point and permission to bring in the
Nigerian judgment" he said "The ownership of Petrodel is bound up
with Nigeria and may be governed by customary law."
Lord
Justice Thorpe also criticised the "astronomical" legal costs of the
case, which have almost reached £3 million since the couple, who lived in a £4
million property in west London, split in 2008.
Mrs Prest had sought a payout of more than
£30 million, plus more than £730,000-a-year for her and their four children. Mr Prest, who was named third in The
Power List 2007 by leading black newspaper New Nation, had offered her
£27,000-a-year and a lump sum of less than £2 million.
Customary
law, which reflects the ancient rules of various ethnic and religious groups,
is one of the foundations of Nigerian law, alongside common law and
legislation.
telegraph.co.uk