The fugitive wife of a “fat cat banker” who’s spent \u00a316m in Harrods is battling to keep her London mansion after the UK’s first use of a new power to combat international corruption.<\/p>\n
The woman, who cannot be identified for legal reasons, is challenging a demand by the National Crime Agency that she reveal the source of her wealth or face losing her British properties.<\/p>\n
The hearing at the High Court is the first time the agency has used an “Unexplained Wealth Order” to force a suspected corrupt foreign official and his family to account for their riches.<\/p>\n
The NCA believes two homes worth \u00a322m were bought with cash stolen by the woman’s husband while he was working for a state bank in their home country.<\/p>\n
If the woman fails to overturn the court order, or fails to prove she is legitimately wealthy, the NCA can ask the courts to seize the homes.<\/p>\n
Unexplained Wealth Orders (UWOs)\u00a0came into force earlier this year<\/a>\u00a0to help investigators identify and seize British property suspected to have been bought by cash laundered by corrupt foreign politicians and officials.<\/p>\n The power was introduced because it’s difficult for agencies to prove how these suspects obtained their wealth overseas – and that makes criminal prosecutions almost impossible.<\/p>\n During the first challenge to an UWO, the High Court revealed that “Mrs A” is the wife of a state banker from a “non-EEA country”, that also cannot be named for legal reasons.<\/p>\n The couple have an estimated wealth of more than \u00a355m ($72.5m), and 10 years ago, Mr A applied to settle in the UK under the visa scheme for wealthy investors.<\/p>\n The first London property was bought the following year – but Mr A was subsequently jailed overseas after being convicted of a major fraud.<\/p>\n Mrs A is also wanted for trial – but has been living what the court heard was an “extravagant” lifestyle in the UK, spending the vast sums her husband allegedly embezzled.<\/p>\n Jonathan Hall QC, for the NCA, told the court that Mrs A had spent \u00a316m in Harrods over 10 years.<\/p>\n Each week, she’d spent tens of thousands of pounds on luxury goods. Her child has their own share fund worth \u00a315m.<\/p>\n Mrs A has claimed in court papers that her wealth comes from her husband’s successful overseas enterprises.<\/p>\n But the court heard this claim is not supported in confidential papers or online profiles of the banker.<\/p>\n Mr Hall said: “It’s an astonishing omission that if he were a titan of business, that there is no reference [on websites] to his successful business.”<\/p>\n James Lewis QC, appearing for Mrs A, said the NCA’s demand that she account for her wealth was unjustified and the agency had misrepresented her husband’s career.<\/p>\n Far from being a modestly-paid banker, Mr Lewis said that Mr A had been a stereotypical “fat cat international banker”, similar to many others in the private sector.<\/p>\n He’d been the victim of an unfair trial and a major miscarriage of justice, the lawyer said.<\/p>\n “The reality is [the NCA] have to wait years for him to come out of prison. They cannot [seek to seize the homes] when he is unable to participate. She can’t call the witness she needs.”<\/p>\n If the UWO against Mrs A stands, it’s likely to pave the way for more orders against suspects, including Russian oligarchs and corrupt former politicians from Africa, with property in Britain.<\/p>\n Source: bbc.co.uk<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"