A Russian oligarch's son lost $50 million making risky trades as a university student - and now his own mother is suing him as part of Britain's largest divorce case
- Temur Akhmedov, the son of a Russian oligarch, recently told a British court that he lost $50 million in risky trades as a student.
- The testimony was part of the country's biggest divorce case. His mother, Tatiana Akhmedova, has alleged that he helped his father, the billionaire Farkhad Akhmedov, hide funds meant for her divorce payment of 450 million pounds, or $603 million.
- Temur said his mother knew of the trading losses and even comforted him after the multimillion-dollar slump.
- Temur said he had made a profit on his trades before several bad positions tanked his balance. He said that he then took on more risk in an attempt to make back his money but that the trades erased his balance.
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Developments in Britain's biggest divorce case revealed that the son of a Russian oligarch lost $50 million making risky trades as a university student.
Temur Akhmedov, the son of the billionaire Farkhad Akhmedov, recently told a London court that he hadn't been hiding the sum from his mother and that the cash was instead lost through the trades. Temur's mother, Tatiana Akhmedova, has accused him of helping his father avoid making a divorce payment of 450 million pounds, or $603 million.
Temur has said that his mother was aware of the trading losses and that she even supported him after the bets went sour. She has accused her son of conspiring with his father to hide assets as early as September 2015. She is seeking nearly 70 million pounds, or about $94 million, from Temur.
Bloomberg last week reported on the trading losses.
The legal battle has so far led to squandered attempts to possess a 115-meter yacht and a $140 million collection of modern art, Bloomberg reported, citing legal documents. More recently, Tatiana's lawyers suggested the court could force the sale of Temur's London apartment, originally purchased for nearly $40 million.
Tatiana said in testimony last week that "day trading equals gambling." She also told the court that Temur "played an active role in siding with my ex about the divorce and trying to hide assets."
Temur's legal team has said that the size of the son's losses is unimportant and that wealthy families often "lavish their children with unimaginable sums," the Financial Times reported.
Temur's trades weren't always losing ones. The London School of Economics student said he first made a profit before sliding into losses. He said that he then tried to rebound with riskier bets but that the positions burned the rest of his balance, according to Bloomberg.
Tatiana has filed divorce cases in at least six countries. She was awarded 41.5% of Farkhad's fortune in 2016, but the oligarch has refused to pay, arguing that they had divorced 20 years prior, according to the Financial Times.
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