The Dubai court will have the final say who between Farkhad Arkmedov, Russian billionaire oil tycoon, and his ex-wife Tatiana Akhmedov, will get a $500 million (Dh1.8 billion) superyacht.
The disputed yacht was seized by authorities in Dubai in October 2017 and has since been ordered to be impounded as Arkmedov’s alleged attempt to evade the court ruling in London.
The world’s 23rd largest luxury yacht was earlier ruled by the English court as owned by Tatiana for a $600 million divorce settlement in 2000.
Farkhad’s counsels are appealing to the Dubai court that a London court order cannot be applied in Dubai, reported The National.
According to them, the main reason why it is difficult to determine the owner of the yacht is because it is secured in a family trust fund called Straight Establishment.
The yacht is still in Port Rashid and boasts of a swimming pool and two helipads.
Photo credit: Flickr
