News Summary: Oil tycoon gets UK divorce setback

News Summary: Britain's Supreme Court gives oil tycoon costly divorce setback

Associated Press

EX GETS ASSETS: Britain's top court on Wednesday handed an oil tycoon a costly setback in a divorce case, ruling he must give his ex-wife assets held by companies he owns.

IMPLICATIONS FOR OTHERS: In a case with significant implications for wealthy divorcing couples, the Supreme Court ruled that Nigeria-born Michael Prest should surrender seven properties to his English former wife, Yasmin.

NO HIDING: Alison Hawes, a specialist family lawyer at law firm Irwin Mitchell, said the ruling meant "that business people cannot deliberately 'hide' their assets in businesses and corporate structures to protect them in future in the event of a divorce."

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