Tycoon loses assets ruling in divorce case
Decision extends a legal battle over short marriage that has cast a spotlight on ‘Africa’s youngest billionaire’
Ashish Thakkar, who cofounded Africa banking conglomerate Atlas Mara Ltd with ex-Barclays Plc head Bob Diamond, lost a ruling over the ownership of family assets in a London divorce case, with a judge questioning Thakkar’s truthfulness.
Judge Philip Moor ruled that Thakkar, and not his mother and sister, was the owner of disputed assets in the divorce.
He ruled that the 35-yearold owned 100 per cent of Mara Group Holdings Ltd. and other corporate entities.
The result will have ramifications in the proceedings where a judge will have to decide how much Thakkar — described in videos posted on his foundation’s web site as “Africa’s Youngest Billionaire” — is worth. Thakkar says he has assets of £445,532 ($553,000, Dh2.03 million) while his wife, Meera, says he’s far richer.
Thakkar, his father and sister all testified over three days in a bid to persuade the court that Ashish had no control over Mara Group Holdings and Inspire Group Holdings Ltd. Thakkar has argued that the beneficiaries of his companies are his mother and sister, a claim the judge called “a blatant lie.”
‘Palpable nonsense’
“I regret to say that I consider the whole thing to be palpable nonsense,” Judge Moor said in the ruling handed down on February 10 and made public Tuesday. “It follows that I find I have been repeatedly lied to by all three respondent Thakkar witnesses, which has extremely serious consequences for the rest of their evidence.”
Spokesmen for both Ashish and Meera Thakkar declined to comment. The release of the ruling was delayed for more than a week so confidential business information could be redacted.
The decision extends a legal battle over the less than fiveyear marriage that has cast a spotlight on the entrepreneur. Based on his disclosed public and closely held assets, Thakkar could have a net worth of about $450 million, according to the Bloomberg Billionaires Index.
“Ashish is clearly a very charismatic and engaging character. He exudes charm and enthusiasm,” Moor said. “He is the entrepreneur and the moneymaker.”
While the Thakkar case is at the London High Court, similar issues have reached the country’s top court before. The exwife of oil trader Michael Prest won a Supreme Court ruling giving her the right to force offshore companies owned by her ex-husband to turn over assets as part of a £17.5 million settlement in 2013.
Prest’s lawyers argued at the time that the courts had no right to “pierce the corporate veil” of his companies to fund the settlement as they were separate entities and unrelated to the marriage.