07 October 2015
Oil Divorce Mega Financial Settlement
A super-rich ex-oil boss has been ordered to pay £25m in damages as a part of a substantial divorce settlement.
The man in question is Todd Kozel, who has already paid his former wife Ashley Kozel millions of dollars as a part of their divorce settlement. As the former head of Gulf Keystone Petroleum, he has the resources to pay for this staggeringly huge financial settlement.
However, Mr Kozel failed to comply with the timings under his divorce settlement. By January 27th, 2012, he was supposed to have transferred to his ex-wife shares in Gulf Keystone shares with a value of $17.2, but he delayed the transfer until March 1st, 2012. As a result of this delay, his ex-wife missed out on the chance to make a lot of money.
This is because the price of Gulf Keystone shares rocketed in between these dates due to a rumour of a takeover. A judge ruled that Ashley Kozel missed out on the opportunity to sell these shares at the time when the value of the shares had been pushed up. So Mr Kozel was then ordered to pay the higher amount of £25m in damages to his ex-wife.
The New York Post reported that Todd attempted to move marital assets worth more than $100m so as to undermine the Florida Court’s ruling. So Ashley has now requested that his assets, including a luxurious $13m condo he allegedly now lives in with his new wife, be frozen and used to pay her the outstanding money.
Slater and Gordon Senior Family Lawyer Vicki McLynn said, “This case has been dealt with by the courts in America. I would expect however that the English courts would similarly be keen to ensure that a husband in Mr Kozel’s position was not able to profit financially from a failure to comply with the terms of a financial settlement. ”
We have experience in advising individuals with high net worth, including people who work in politics, media and entertainment, on their finances on divorce.
You can contact the Divorce Solicitors at Slater and Gordon Lawyers UK for an initial consultation about your finances on separation or divorce on freephone 0800 916 9055 or alternatively contact us online and we’ll call you back.