The world’s second-largest sailing superyacht worth hundreds of millions of dollars, a dead Russian billionaire accused of a sprawling fraud and his disputed wills fall at the heart of a bitter family feud playing out at a London court.
(Bloomberg) — The world’s second-largest sailing superyacht worth hundreds of millions of dollars, a dead Russian billionaire accused of a sprawling fraud and his disputed wills fall at the heart of a bitter family feud playing out at a London court.
Late cement and oil tycoon Oleg Bourlakov’s widow Loudmila Bourlakova and their daughter are seeking about $1.2 billion in the UK from his sister and brother-in-law. Bourlakova alleges that a massive fraud using sham documents and fictitious loans deprived her from a fair share of her husband’s $3.7 billion fortune after their marriage broke down in 2018, according to London court filings.
Bourlakov died of Covid-19 in 2021 at age 71. He left behind a trail of disputes over his wealth in over half a dozen countries, including a divorce case in Monaco and a Russian paternity suit, the documents detail.
The details from the UK court offer a rare glimpse into how the super rich structure their wealth and the agreements they make with family members.
With Russian, Ukrainian and Canadian nationalities, a large chunk of Bourlakov’s $3.7 billion was held through a web of companies and trusts, many out of tax havens, and valuable portfolios managed by Swiss banks, according to details published in several court rulings.
The tycoon’s assets included over $100 million worth of artworks and antiques, valuable real estate in countries including an apartment in Monaco said to be worth around $100 million as well as the superyacht known as Black Pearl that’s worth more than $200 million.
The prized 106.7-meter (350 feet) superyacht was for several years billed as the world’s largest sailing yacht, according to publisher Boat International. Its interiors include a glass lift, spa pool, hot tub and a cinema on board, according to its Dutch maker Oceanco.
The High Court judge in London ruled this month Bourlakova’s daughter could join her mother as a claimant with the case set to proceed. As yet, no date has been fixed for a full trial.
The judgment takes Bourlakova and her daughter closer to “holding accountable the perpetrators of the massive fraud against their family,” the duo’s lawyer James Libson said.
Bourlakov’s sister and brother-in-law — Vera Kazakova and Nikolai Kazakov — are contesting the case. They argue the dispute should be heard in Panama or Florida
“The Kazakovs are confident that there is no basis for the Bourlakovas’ claims,” their spokesperson said in an emailed statement. “The Kazakovs have themselves brought claims against the Bourlakovas in Florida and look forward to the court’s determination.”
At the center of the case are Bourlakov’s two disputed wills drawn up in 2004 and 2019. The first bestowed all his assets to his then wife Loudmila Bourlakova and the second “informal” will in Russian language bequeathed all assets to the Kazakov Foundation, according to the court rulings.
The second testament also allegedly promises payments to the family of the woman involved in the paternity case. The tycoon spent “considerable periods of time” with the woman in Latvia, Bourlakova had earlier said to the court.
Bourlakova has alleged that her late husband pursued a strategy to devalue and misappropriate the ownership of the yacht holding companies, among other assets and had in 2018 said that “a longstanding oral partnership” with Kazakov reduced the share of wealth that can be distributed to her.
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