A Supreme Court judge has ruled in favour of the English estranged wife of a Nigerian oil tycoon in a case lawyers say could have significant implications for divorcing couples.

Michael Prest lost the latest round of a legal fight, which means his wife can now appeal against an earlier ruling.

The Appeal Court had said Mr Prest did not have to hand over property worth millions as part of their divorce.

Yasmin Prest said she was "delighted and relieved" by the judgement.

The dispute surrounds ownership of Mr Prest's properties, some of which are owned by companies based offshore.

He has argued that the properties are not personally owned by him but by company shareholders.

Appeal judges concluded in October that an earlier ruling ordering Mr Prest to transfer properties held in the names of companies he controlled was wrong.

His estranged wife then asked the Supreme Court - the highest court in the UK - to review the case.

The couple, both in their 50s, married in 1993 and spent most of their time in London.

They had properties in Nigeria and the Caribbean and lived their life to a "very high standard", judges heard.

The court was told Mr Prest claimed to be worth about £48m, but Mrs Prest said he could be worth hundreds of millions.

During the legal proceedings, Mr Prest has been criticised for failing to be frank about the true size of his finances.

In an earlier hearing a judge described his evidence as both "deceitful and shambolic".

http://www.bbc.co.uk/news/uk-22870926

This is an important case just concluded few hours ago. Mr. Prest's lawyers Martin Pointer QC had argued that under ‘customary law’ in Nigeria Mr Prest became head of the family with a responsibility to use his late father’s money to look after his four siblings and their children.
Mr Pointer argued his company’s assets did not belong to Mr Prest but were ‘held in trust’ for his children and those of his siblings under Nigerian law.

The oil baron claims that his company, Petrodel Resources Ltd, was established in 1992 with £10,000 in start-up capital which was provided by his late father. As a result, under traditional law, his company and assets are not owned entirely by him, but by his extended family; he mainly acts as custodian of the wealth.
Martin Pointer disclosed to the court that under customary law in Nigeria, Prest (who is the first-born son of his family) has a historic responsibility to use the family "inheritance" to look after his siblings and their children.

Mr Prest’s brother Michel, has also launched a claim in the Nigerian High Court to declare that Petrodel Resources forms a part of their late father’s estate.

If successful, Mr Prest’s personal wealth would be dramatically reduced.

Mrs Prest has argued that Petrodel is ‘100 per cent owned and controlled’ by her former husband and has told the court it is effectively his ‘alter ego’.

The court heard Mrs Prest was born in England and grew up on the Isle of Man. She met Mr Prest, who was educated in Nigeria, in London and they married in 1993.

They lived in a £4 million home in Bayswater, west London, and the oldest of their children is 14.

The question should have been: In what ways and to what extent have Mr Pest's 'siblings and their children' prior to now been benefiting from this 'family wealth'?
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been following this case for a while now, this is a woman living in a 5 mill. hse in maida vale, has a butler, a dog walker and so on but still want more, its truE only in the u.k . HELL HAS NO FURY LYK A WOMWAN SCORN.