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Monday, 10 April 2017

Laura Ashley boss Khoo Kay Peng 78, is ordered to give his wife, 70, £64million or RM355million in their divorce settlement

Laura Ashley boss, 78, is ordered to give his wife, 70, £64million in their divorce settlement as their long running high court battle finally finishes


  • Former Miss Malaysia Pauline Chai wanted around £100m from Khoo Kay Peng  
  • Dr Khoo, a boss at Laura Ashley Holdings, said she should pocket about £9m 

  • Mr Justice Bodey analysed evidence at a trial at the High Court in London and said that Ms Chai should get a £64m package made up of cash and property

Former Miss Malaysia beauty queen Pauline Chai wanted around £100m from ex-husband Khoo Kay Peng following the breakdown of their 42-year marriage.
Dr Khoo, non-executive chairman of Laura Ashley Holdings, said she should pocket about £9m.
After analysing the evidence at the trial at the High Court in London, Mr Justice Bodey announced his decision today that Ms Chai should get a £64m package made up of cash and property.
Legal fight: In December 2015, Ms Chai (pictured) claimed victory in the fight over jurisdiction following a ruling by three Court of Appeal judges in London
Ayesha Vardag, Ms Chai's lawyer said after Court, 'This litigation has been long and arduous. It is a journey which has now ended in the affirmation of the principle of fair sharing. 
'It emphasises that there is no place in England for discrimination between home maker and bread winner. I am so proud of the whole team including our client who worked so hard on this case.'
Ms Chai added: ' I just want to thank my superb legal team - everyone at Vardags, Richard Todd QC and Nicholas Yates. Thank you
Ms Chai, who lives in Berkhamsted, Hertfordshire, had said she should get half an asset kitty totalling at least £205m.
Ms Chai and Dr Khoo - who both come from Malaysia, married in 1970 and have five children - have spent more than £6m between them on lawyers since splitting, judges have heard. 
The pair had been unable to agree on whether decisions about who got what should be made in English or Malaysian courts, and litigation was launched in both countries.
Argument: Ms Chai said they had moved their home to Berkhamsted in Hertfordshire (above) before separating and therefore decisions should be made in an English court
Dr Khoo, who is based in Malaysia, said the marital home was in Malaysia and a judge in that country should make decisions about the division of money.
He said Ms Chai was a 'forum shopper' and wanted to fight in England because an English judge would give her a more generous award.
Ms Chai, who was Miss Malaysia in 1969, said they had moved their home to Berkhamsted before separating and therefore decisions should be made in an English court. 
Dr Khoo (pictured), non-executive chairman of Laura Ashley Holdings, says former Miss Malaysia beauty queen Ms Chai should pocket about £9million, the judge has heard
Ms Chai was Miss Malaysia 1969
Dr Khoo (left), non-executive chairman of Laura Ashley Holdings, said former Miss Malaysia beauty queen Ms Chai (right, in 1969) should pocket about £9million, the judge has heard
In December 2015, Ms Chai claimed victory in the fight over jurisdiction following a ruling by three Court of Appeal judges in London. 
Mr Justice Bodey's detailed ruling on who gets what is expected to be published in the near future.
He had analysed the case at a private hearing but said journalists could name Dr Khoo and Ms Chai and report some information.
The judge has barred reporters from revealing confidential financial material.

HOW LONDON BECAME THE DIVORCE CAPITAL OF THE WORLD

By Steph Cockroft for MailOnline 
London has earned its reputation as the divorce capital of the world following a series of huge pay-outs in favour of the 'financially weaker spouse'.
The nickname - cemented by an emphasis on full disclosure from both parties - has encouraged foreign-born spouses to seek divorce settlements in London, rather than their home country.
Another reason for taking legal action in London is the fact that English courts have the discretion to decide on a case-by-case basis whether prenuptial agreements are binding.
In 2012, the Times found that a sixth of divorce cases heard by English courts involved foreign nationals. Of the cases where huge sums were involved, around half are thought to involve international couples.
Ayesha Vardag, a lawyer who has represented a number of wealthy clients in high-profile divorce battles, said: 'The principle that there is no discrimination between breadwinner and homemaker is the cornerstone of why the English jurisdiction is seen as a particularly fair one for the financially weaker spouse.'
In 2014, Jamie Cooper-Hohn, the US wife of London financier Chris Hohn, was awarded more than £337m in what legal experts say is the biggest divorce settlement seen in a British court.
Three years before that, Galina Besharova, the former wife of the exiled Russian oligarch Boris Berezovsky, was awarded what was then described as the 'largest ever award' in a hearing which lasted just ten minutes.
Divorce law experts said the couple were likely to have thrashed out a deal for between £165 million and £220 million. Ms Besharova later praised England's 'superb' legal system.
Other generous settlements include that awarded to Heather Mills following the break down of her marriage to Sir Paul McCartney 2008. Following the four-year marriage, Miss Mills received £24.3million.
In 2012, Michelle Young was awarded a £20million sum after parting ways with her 'bankrupt' husband Scot Young.
In 2006 Beverley Charman, the former wife of insurance magnate John Charman was awarded a £48million settlement by the English courts. Mr Charman appealed the decision but the pay out, which made legal history at the time, was upheld in 2007.  


Read more: http://www.dailymail.co.uk/news/article-4387538/Laura-Ashley-boss-ordered-wife-70-64million.html#ixzz4dnjP7pz9 

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