Oligarch is blocked from selling his £136m flat
A BILLIONAIRE has been blocked from selling Britain’s most expensive flat amid fears that he will try to ‘hide his assets’ because of a legal row.
Rinat Akhmetov, 51, Ukraine’s richest man, bought a triplex penthouse at One Hyde Park in London for £136million in 2011, then spent £60 million on renovations.
Last month he was served with an order from a Cypriot court freezing £580million of his assets in a long-running dispute with a business rival.
A London law firm has now warned of ‘a real risk that Mr Akhmetov will seek to dissipate his assets’, including the penthouse. The tycoon built his £3.2 billion fortune from coal, steel and energy, and also owns football team Shakhtar Donetsk.
Cyprus-registered company Raga Establishment sold telecoms group Ukrtelecom to Mr Akhmetov in 2013. He paid £70 million up front but Raga say he still owes £510 million, prompting the order.
One Hyde Park in Knightsbridge, above, was developed by property tycoons Nick and Christian Candy, who describe it as the world’s most exclusive address. Flats feature panic rooms, bulletproof glass and bowler-hatted guards trained by Special Forces.
Nick Marsh, of Quinn Emanuel law firm, who is acting for Raga, said: ‘The Cyprus court has found that there is a real risk Mr Akhmetov will hide his assets. Mr Akhmetov’s property at One Hyde Park is now subject to a freezing order to ensure that Raga’s claim, once proven, can be enforced.’
Mr Akhmetov’s SCM group said: ‘We disagree with the order and will contest it.’