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Millionaire brazenly hid assets in divorce, saying he had only $12k in bank accounts
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The man’s scheming included telling the court that he had only $12,000 or so in his bank accounts.
ST ILLUSTRATION: MANNY FRANCISCO
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- A businessman falsely claimed "zero value" for his businesses and minimal assets in a divorce, refusing to disclose financial information despite court orders.
- His ex-wife proved he had a $10 million stake in a foreign company using business registration data, which he couldn't disprove, leading to its division.
- The judge penalised the husband's dishonesty by awarding the wife 69% of known assets, including the previously hidden $10 million stake, totalling $7 million.
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SINGAPORE - A wealthy foreign businessman caught up in a bitter divorce defied repeated Singapore court orders in a shameless – and ultimately futile – attempt to stop his spouse getting her hands on any of his considerable wealth.
His antics – part comical, part absurd – were so outrageous that they prompted the presiding judge to express contempt for his behaviour, noting that it was “seemingly without equal” in Singapore courts.
