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Abu Dhabi, UAETuesday 19 June 2018

Dubai courts maintain freezing order on Russian oil tycoon's superyacht

Second hearing into billionaire's complex divorce settlement case will be heard at DIFC Court in July

Luxury "Luna" yacht is seen anchored at Bodrum in Mugla Province of Turkey. Ali Balli / Anadolu Agency / Getty 
Luxury "Luna" yacht is seen anchored at Bodrum in Mugla Province of Turkey. Ali Balli / Anadolu Agency / Getty 

DIFC courts have said a freezing order issued for a US$500 million luxury yacht and related to a complex UK divorce settlement case will remain in place until at least July, when a second hearing will be heard in Dubai.

Tatiana Akhmedov, the wife of Russian oil tycoon Farkhad Akhmedov, is attempting to use Dubai’s international commercial courts to enforce a UK High Court Order to seize assets, in this case the superyacht Luna, as part of a divorce settlement of more than $600 million.

The yacht is secured in a family trust fund called Straight Establishment making it difficult for lawyers to determine who legally owns the vessel. It is currently docked in Port Rashid.

A complex legal argument took place at the courts in DIFC on Wednesday, with judges deciding to reconvene for a second hearing on July 11 to consider new elements in the case.

“At the time of the return date the court did not have jurisdiction over the second defendant, Straight Establishment,” said Justice Sir David Steel.

“The reasons for that in conclusion will be prepared in writing and distributed ... Despite that, the freezing order under the existing terms on the yacht shall remain in force until further order.”

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Read more:

Dubai court hears Russian oligarch's battle to save luxury yacht

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