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Missing millions

Friday, July 03, 2009

Source: Catherine Deshayes

Property tycoon Scot Young is facing jail unless he can explain to the high court where his missing £400 million is...

Young is going through divorce proceedings with estranged wife Michelle Young. Michelle Young, who is suing for divorce and maintenance, plus a large share of his assets, does not believe he has no money.

Young claims His property empire has collapsed and he is being pursued for £27 million by creditors and he expects to be made bankrupt.

But Michelle Young's lawyers said in court this week he failed to comply with a court order to disclose details of his current finances.

Young is a property ‘fixer' and has been involved with a number of deals and property investors.

In 2006 he was pursued by AIM listed investor Wilshaw which had loaned $1bn to Young for a development in central Moscow. Wilshaw was subsequently ejected from AIM for breaching its rules relating to cash shells.

Source: www.propertyweek.com