A bitter divorce between an ultra-rich Australian businessman and his ex-wife has been dragged out by accusations he hid part of his fortune overseas.
The ex-wife has so far received $10.8 million and property worth tens of millions of dollars, but is seeking to increase her share to $450 million.
She launched legal action against her ex-husband in the Family Court of Australia, meaning neither of them can be identified due to privacy laws.
The woman also alleged that her ex-partner abused her and forced her to sign a financial agreement under duress while he knew she was abusing alcohol.
He has denied both claims.
Judge Michael Baumann ruled the ex-wife’s claims were “unwarranted” and denied her request to terminate the former couple’s previous financial agreement.
He determined that she was “unjustified” in asking that her ex’s accounts be frozen and that her share of his wealth increase dramatically, Daily Telegraph reported.
Judge Baumann found that the businessman had transferred a portion of his wealth abroad as part of his normal transactions and determined that restricting those transfers would affect shareholders.
An Australian businessman has been accused of abuse and hiding his fortune overseas during his ex-wife’s request for a $450 million divorce settlement.
The ex-wife’s application was also bogged down by the previous financial agreement she signed allegedly under duress, he claimed.
That deal gave him $10.8 million, property in Australia worth $10 million and access to $9.6 million in his bank accounts.
The ex-husband was also required to transfer other property into his name and make a “balance payment” if it was valued at less than $15 million.
In addition to that, the woman received $30,000 a month to cover her expenses and those of her children and would receive one million dollars over four years for “spousal support.”
Her ex-husband claimed she had sold assets to finance the deal.
Judge Baumann would have needed to reverse that agreement if he had approved the wife’s request to seek a settlement of up to $450 million.
Her ex-husband’s lawyers claimed the move would cost more than the total value of her assets in Australia, estimated at $174 million.
In rejecting the request, Judge Baumann determined that the money moved abroad was a routine part of the ex-husband’s international business dealings.
“The wife has not demonstrated at this time that the husband has any intention or plan to reduce the pool of interests in Australia,” he said.
“The wife has not pointed out any evidence that the funds left Australia.”
Allegations that the businessman abused the woman were also aired during the warrant application.
She claimed he had “exercised financial control” and “isolated” her from “family and friends” during their marriage.
Additionally, he allegedly “exercised coercive control” and forced her to sign her old divorce agreement signed under “coercion” through “false marital statements.”
The woman claimed that she did so knowing that she suffered from an “alcohol addiction.”
The husband denied the accusations.
Although the ex-wife’s request was dismissed, the ruling does not prevent her from taking new actions against her ex-husband.