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Divorce tycoon’s wife attacks rich friends for bailing him out
Paul Cheston, Courts Correspondent29 Sep 2009
The estranged wife of a tycoon threatened with prison if he fails to explain the disappearance of his alleged £400 million fortune today attacked his rich friends for ignoring her plight.
Michelle Young spoke of her shock at husband Scot's tactics but expressed delight that he must now reveal details of his "expensive homes, cars, jewellery and yachts, and those with whom he has done business."
Mr Young, 47 once described as a fixer for Russian oligarchs and British billionaires, claims now to be penniless and facing bankrupcy.
His wife, who is suing for divorce and maintenance, went to the High Court yesterday to demand he be jailed for contempt of court for failing to meet the deadline to privide full disclosure of his finances.
Her barrister David Balcombe QC told Mrs Justice Parker the businessman "ought to hear the clang of the prison gates as the effedct of prison can alter behaviour once it has been sampled."
But Mr Young's lawyers said he had had a mental breakdown and received psychiatric treatment in an NHS hospital in West London, which Mr Balcombe suggested was nothing more than a feigned ruse.
After a day's hearing the judge gave him another chance to disclose the details and adjourned the hearing until November.
But today Mrs Young, 45, said she was shocked that her husband continues to leave her facing eviction from their Regent's Park home because he has not paid the £10,000-a-month rent and their children £36,000-a-year school fees unmet.
She also criticised his wealthy friends, including restauranteur Richard Caring who has loaned Mr Young £50,000 for his legal fees.
“I am shocked that my husband is still claiming he has lost his fortune," said Mrs Young.
"The judge has spared him the sanction of jail for now, but I am delighted that he has been placed on a very short timetable to provide the court with the information we need.
“The judge's order will at last reveal the whereabouts of my husband's fortune, which included expensive homes, cars, jewellery and yachts, and those with whom he has done business.
“I remain very concerned that he will continue to further disguise the source of his assets. But I am now lucky enough to have a team surrounding me who will track down where the money is and if anyone is helping him conceal it.
“He is the father of our children and this is very distressing for them. However what is more distressing is that Scot Young seems content to watch his wife and children struggle for financial support when he continues to live the lifestyle of a multi millionaire.
“This is a man who rubs shoulders on equal terms with some of the richest and most famous men in Britain. I cannot believe they support his current behaviour towards his family.
“I owe it to my daughters to see that justice is done and I will not allow Scot Young to make a mockery of the courts nor to escape from his marital responsibilities.”
Mr Young's friends include Sir Tom Hunter, the billionaire entrepreneur, Top Shop boss Sir Philip Green and Russian oligarch Boris Berezovsky to whom he sold a £19 million mansion on the Wentworth estate.
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EDITED by admin @ 11.30 on September 29 2009
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