CBS News reports a Swiss court has ordered Russian billionaire, Dmitry Rybolovlev, to pay his ex-wife $4.5 billion in his divorce settlement. This divorce settlement is reportedly the largest divorce settlement in the history of the world.
The Geneva Tribunal of First Instance was the first to report the news. According to their sources, Dmitry Rybolovlev, who owns the French soccer club AS Monaco, will pay his wife an estimated 4,020,555,987.80 Swiss francs or $4,509,375,184.80 in U.S. dollars. The money will be paid to his ex-wife Elena Rybolovleva of Geneva.
Dmitry Rybolovlev must also give wife property
And it’s not just money the billionaire will pay. The couple will also divide assets which include two chalets in Switzerland and property in Cologny. All totaled Elena Rybolovleva could receive assets and property of more than $146 million. The couple has two children, one adult daughter and one 13 year old daughter. Elena Rybolovleva was granted physical custody of their youngest daughter.
The settlement has been hailed as the most expensive divorce in history, overshadowing all others. It is also considered unprecedented for divorce settlements throughout Russia and Switzerland. Lawyers for Rybolovlev have said they plan to appeal the cash offer and expect future court rulings to lower the amount the billionaire will have to pay in a cash settlement to his wife.
“There will definitely be a new appellate review and therefore this judgment is not final given the existence of two levels of appeal in Switzerland,” said Tetiana Bersheda.
Wife’s lawyer claim decision is a victory
Attorneys for the wife, however, claim that the judge’s decision is not only a complete victory for Elena Rybolovleva but also exactly what it should have been under Swiss law, which allows for the wife to receive half of the income earned during the couple’s marriage.
Dmitry Rybolovlev had made some efforts to transfer his funds to a Cyprus-based trusts in 2005, but the lawyers noted that the court made the right decision by forcing the Russian tycoon to pay money to his wife despite his efforts to put it into “legal structures such as trusts and offshore companies.”
Dmitry Rybolovlev is considered the world’s 147th richest persons on the Forbes list of billionaires, with an estimated fortune of $8.8 billion. He created his fortune from potash mining. His wealth was estimated at $12.8 billion in 2008 when his wife initiated divorce proceedings. They began dating in 1987 after meeting at a college in Perm, Russia.
Although Rybolovlev’s assets have been frozen in Switzerland other money in Cyprus may be hard to recover because Switzerland has no legal aid treaty with Cyprus. But don’t feel too sorry for Elena Rybolovleva. According to reports, she also has high priced property in New York City and a mansion in Palm Beach, Florida.
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