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Sir Frederick Barclay has been ordered to stand trial after failing to pay £50m of his divorce settlement.
The sum, which represents half of the settlement amount awarded to his ex-wife, was due to be paid to Lady Hiroko Barclay last June.
Sir Frederick, whose fortune is estimated as £6bn, reportedly considered applying for legal aid after stating that he does not have access to any funds.
The 87-year-old was reported in national media to have said “I haven’t got anything”, after explaining that his fortune is held in a complex series of trusts, to which he has no access. The beneficiaries of the trusts are Sir Barclay’s daughter, Amanda, and his three nephews.
Sir Frederick and his late twin brother, Sir David, amassed their wealth largely via media, retail and property companies including The Ritz hotel and the Telegraph Media Group.
Pictured: Sir Frederick owns half of Brecqhou, which he purchased with his twin brother in 1993.
After spending most of his life out of the public eye, including on the brothers’ island of Brecqhou, Sir Frederick came under the spotlight following his public divorce from his wife of 34 years.
In a statement issued at the time, Sir Frederick said: “I am saddened that after 34 years my marriage has come to an end. This was not something I wanted. I hope my former wife can find happiness. I wish her well.”
Lady Hiroko was awarded £100m in the divorce settlement, but Sir Frederick has failed to make any payment and has reportedly “unilaterally halved” the monthly £60,000 maintenance payment owed to her.
Pictured: The three-day hearing is set for next month in the High Court in London.
Sir Frederick was also ordered to pay Lady Hiroko’s legal fees, totaling over £500,000. Sir Frederick’s own legal fees have been paid by his nephews.
Both parties have been ordered to attend a three-day hearing in the Family Division of the High Court in London next month. The trial has the potential to see Sir Frederick jailed for non-payment, a ‘quasi-criminal offence’.
Sir Frederick’s lawyers have indicated that a defence will be mounted against Lady Hiroko’s application.
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Ex-wife calls for Brecqhou billionaire to be jailed in £50m legal fight
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