At the heart of the largest financial confrontation in London divorce courts stands a luxury yacht. This yacht, named "Luna," is 115 meters long and features nine decks. It is currently docked at a port in Dubai. The "Luna" is considered the largest and most expensive of the assets belonging to oil and gas tycoon Farhad Ahmedov, who purchased the vessel from his compatriot, billionaire Roman Abramovich. This yacht is now the prized target of Tatiana Ahmedova, Farhad's ex-wife of 21 years. The yacht is valued at £250 million ($353 million), thus acquiring it would significantly contribute to fulfilling a London court order that mandates she receive $450 million in their divorce settlement.
**Difficulty of Implementation**
However, Tatiana has begun to realize that the task will not be so easy. With obstacles halting settlement talks, she resorted to pursuing her battles in multiple jurisdictions, from Dubai to Liechtenstein and even the Marshall Islands. The ongoing financial pursuit highlights that a ruling from a London court may remain merely ink on paper when it involves an individual capable of relocating their assets globally and who is determined not to comply with the court's order. Farhad had previously announced that he would do everything possible to prevent his ex-wife from accessing his wealth.
This case sheds light on how the wealthy around the world can protect their assets through regulatory loopholes, creating confrontations between jurisdictions, forming opaque trust funds, and transferring ownership. After the most recent hearing in London last month concerning the couple's son, Timur, who is 27 years old and claims that his father transferred assets in his name, Farhad stated that the case "is below the level of interest and cannot change anything." However, his son's tone was more conciliatory, with a spokesperson stating that he never sought to take sides against either parent.
Tatiana and Farhad met in 1989, married four years later, and moved to London, where Tatiana has lived with their two children since. Their marriage officially ended in late 2014.
**Multiple Legal Issues**
In 2016, a London judge awarded Tatiana 41% of Farhad's assets, which he described as an unlawful ruling before moving to Russia. In a text message to his son in March of that year, he said, "I prefer to burn the money rather than give it to her." Farhad, born in Azerbaijan, made most of his fortune from selling his stake in a Russian gas company in November 2012 for $1.4 billion; however, the billionaire refused to pay any divorce-related funds, forcing Tatiana to file lawsuits in at least nine different locations.
Since the first ruling was issued, Farhad has claimed that his ex-wife is acting in bad faith, stating that she is under the control of the litigation finance company "Burford Capital," which funds her lawsuits, accusing the company of being the real decision-maker that is "pursuing him through courts worldwide" on her behalf, an allegation which Burford denied. The couple had discussed a settlement agreement where Farhad would pay Tatiana $100 million and Burford $15 million, according to insider sources. However, the talks fell apart, prompting Tatiana to continue her legal efforts.
So far, Tatiana managed to seize a helicopter in the Isle of Man worth about $6 million and is in the process of acquiring a private jet as well. Her efforts have encountered numerous obstacles as asset ownership continually shifts between jurisdictions.
The "Luna" yacht, with a crew of 50, has been docked in Dubai for over two years, becoming the crux of their most vicious battle. From time to time, both Farhad and Timur use the yacht, which is among the few luxurious yachts in the world equipped with steel hulls designed for icebreaking. According to Tatiana's lawyer, ownership of the "Luna" has changed hands four times so far, sometimes overnight. Investigators working for Tatiana claim they found a suspicious bank transfer in 2018 at the same time she obtained an emergency order to freeze the trust in Liechtenstein that owns the yacht.
Tatiana's lawyers reported that $65,000 was transferred from Farhad's personal account to a maritime company in Dubai to use a large vessel to tow the yacht. According to her lawyers, it briefly appeared that the billionaire was planning to smuggle the yacht. However, a spokesperson for Farhad confirmed that the payment was simply for towing the yacht to a dry dock for maintenance.
Tatiana faced difficulties convincing other courts to recognize the rulings from London. Local courts in Dubai rejected the London court's decision regarding the marital dispute, arguing that the ruling is inconsistent with Sharia law. A judge in London also stated: "It is impossible to enforce English judgments in Liechtenstein."
However, for Tatiana, the most significant ruling in her favor may have come from a series of small islands thousands of miles away in the Pacific Ocean. Ships are required to adhere to the laws of the country whose flag they fly, and the "Luna" flies the flag of the Marshall Islands. A local court there issued a ruling earlier this month allowing her to become the new owner of the yacht.
The court relied on Farhad's "pattern of behavior" as the basis for ruling in favor of his ex-wife, concluding that the steps taken by the billionaire, along with the trust in Liechtenstein, aim to "obstruct, delay, and avoid payment under the English judgments." A spokesperson for Farhad rejected the ruling, stating: "There is no reliable legal opinion that suggests the ruling will result in a forced transfer of ownership."
**Ongoing Battle**
This decision leaves the "Luna" yacht docked in the harbor, gradually losing value. One broker estimates that its value has now dropped to $110 million. Tatiana's side has appointed a recovery firm supported by former military personnel, which has provided juicy material for British tabloids to elaborate on raids conducted by special forces on the yacht. However, Tatiana ultimately needs to seek assistance from local courts in the Emirates.
James Power, Tatiana's American lawyer who has taken on her case in the Marshall Islands, stated: "We are the owners, and the courts in Dubai must recognize that for us," adding: "They will have to make a tremendous effort to ignore this reality." Power is among several lawyers from the litigation company Burford Capital, which will receive 30% of any recovered assets in exchange for financing the legal efforts, according to court documents. The firm has already paid £18 million in connection with the lawsuits by last year.
The funds provided by Burford allowed Tatiana to pursue her son Timur in a London court to claim local assets, including his luxury apartment overlooking Hyde Park. The judge ordered Timur to pay $100 million to his mother for doing "everything he can" to prevent her from receiving the court-approved divorce funds.
A spokesperson for Timur commented on the ruling, saying: "While he completely disagrees with this judgment, he sees it as a price worth paying if it leads to a reasonable settlement between his loving parents." However, this ruling infuriated Farhad, who stated in a statement, "Burford has embarked on an extremely costly tour through the courts of the world to seize my and the family's trust assets."
Currently, the grand prize remains the "Luna," which is still in Farhad's hands, yet Tatiana's lawyers have not lost hope. Power concluded, "Wealthy individuals can delay matters, but everything eventually gets done in the end."
