Trusts: When Assets Can no Longer be Hidden in Foreign Trusts

By in
Trusts: When Assets Can no Longer be Hidden in Foreign Trusts

Tatiana and Farkhand Akhmedov are battling in the High Court of England and Wales over the fortune of one of the wealthiest Russian businessmen. Mr. Akhmedov hid his assets within the Liechtenstein trusts. Among the assets that were held in Liechtenstein, was the superyacht “Luna” and substantial funds in several bank accounts.

The High Court of England and Wales has granted a disclosure order against the trustees in Liechtenstein. The twist is that Liechtenstein Trust Law prohibits any disclosure to foreign authorities putting trustees in a very difficult position. Trust structures are often used to protect the assets from claims of disinherited heirs and former spouses.