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Pin to quick picksBurford Capital Share News (BUR)

Share Price Information for Burford Capital (BUR)

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Share Price: 779.00
Bid: 779.50
Ask: 782.00
Change: -6.50 (-0.83%)
Spread: 2.50 (0.32%)
Open: 788.00
High: 788.50
Low: 770.50
Yest. Close: 785.50
BUR Live PriceLast checked at -

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Russian billionaire and wife settle bitter $625 million divorce case

Fri, 16th Jul 2021 23:11

LONDON, July 16 (Reuters) - Russian billionaire Farkhad
Akhmedov and his former wife Tatiana Akhmedova reached a
settlement on Friday after years of legal wrangling over a
record 454 million pound ($625 million) divorce award made by
London's High Court in 2016.

The dispute led to an unsuccessful attempt by Akhemdova to
seize a 115-metre (377-foot) superyacht owned by her former
husband through courts in Dubai, as well as a separate court
order for her son Temur to pay her more than 70 million pounds
from family assets.

The terms of Friday's settlement are confidential and how
much money Akhmedova will now receive is unclear.

"This was never about a figure but a husband honouring his
commitment to his family," a spokesperson for Akhmedova said,
rejecting a claim from a spokesperson for her former husband
that she would have been better off not pursuing the legal
action.

The Times newspaper said Akhmedova would receive around 150
million pounds, which would also have to cover her legal costs.

Akhmedova's legal action was funded through a specialist
financing company, Burford Capital, which said it would
receive approximately $103 million for its efforts to enforce
the 454 million pound judgment.

Burford said the settlement would boost its operating profit
this year by around $20 million.

"In aggregate, Burford expects the matter to have generated
more than $70 million of realized gain over the life of the
investment," it said in a statement https://www.burfordcapital.com/media-room/media-room-container/burford-capital-reports-resolution-of-akhmedov-judgment-enforcement-matter.

British judge Gwynneth Knowles, in her ruling against
Akhmedova's son Temur in April, said: "The Akhmedov family is
one of the unhappiest ever to have appeared in my courtroom."
($1 = 0.7266 pounds)

(Reporting by David Milliken; Editing by Will Dunham)

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