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UK tycoon asks court to reduce divorce payment

UK tycoon asks court to reduce divorce payment

An investment tycoon asked a British court Wednesday to trim the size of his multimillion-pound (-dollar) divorce settlement because the value of his assets had fallen amid the world financial turmoil.
In arguments before the Court of Appeal in London, Brian Myerson's attorney said the global downturn made the March 2008 divorce settlement both unfair and impracticable.
Under the terms of the settlement, Myerson was originally directed to hand over more than 40 percent of his 25.8 million pound ($35.6 million) fortune to his ex-wife, Ingrid, according to lawyer Martin Pointer. But Pointer argued that Myerson's financial position had deteriorated to such an extent that paying the full settlement _ in cash installments and property _ would leave him 500,000 pounds in the red.
Myerson, a 50-year-old native of South Africa, is a founding partner of Principle Capital, which invests in infrastructure, property, energy and equities. The group's share price has collapsed, falling from more than 150 pence last year to 20 pence Wednesday on the London Stock Exchange.
A lawyer for Myerson's ex-wife said the investment tycoon was working in a high-risk environment and should have foreseen the financial trouble when he agreed to the settlement.
"Mr. Myerson is an extremely able entrepreneur. In the field in which he operates there will be casualties," attorney Nicholas Mostyn said. "It is too late now for him to unpick that deal."
Lord Justice Mathew Thorpe said the court's judgment would be made a later date _ although it was not immediately clear when.
Myerson and his ex-wife were married in 1982, but split early last year.


Updated : 2021-06-21 11:13 GMT+08:00