Ashish Thakkar's "Blatant Lie"About Assets: Loses Ruling in Divorce Case

Co-founder of Africa banking conglomerate Atlas Mara Ltd., Ashish Thakkar's London divorce case took a serious hit when the court found him and his family guilty of lying about ownership of his disputed assets. Judge Philip Moor has ruled that the 35 year old owned 100 per cent of Mara Group Holdings Ltd. And other corporate entities. The ruling that was passed on February 10, but only made public today, saw Judge Moor call it "palpable nonsense".

"I regret to say that I consider the whole thing to be palpable nonsense. It follows that I find I have been repeatedly lied to by all three respondent Thakkar witnesses, which has extremely serious consequences for the rest of their evidence," he said. Branded 'Africa's Youngest Billionaire', Ashish Thakkar has remained embroiled in a divorce with travel journalist Meera Manek. While he constantly vouched he has assets only worth £445,532, Meera claimed he is far richer. In testimonies taken over a course of three days, Thakkar, his father Jagdish, and sister Ahuti, overtly argued that Ashish had no control over Mara Group Holdings and Inspire Group Holdings Ltd. Thakkar argued that his mother and sister were beneficiaries of his companies.

The result will affect proceedings where a judge will now have to decide how much he is worth. "Ashish is clearly a very charismatic and engaging character. He exudes charm and enthusiasm. He is the entrepreneur and the money maker," Moor said. The decision extends a legal battle over the four-year marriage. As per a Bloomsberg Billionaires index, Thakkar is accounted to have a net worth of about $450 million.

Judge Moor heard Thakkar's story and how it began in Uganda, during Idi Amin's time. His family was among those expelled by the dictator in 1972, and after being born in Leicester in 1981, he returned to Africa, Rwanda, where his family yet again lost everything in the 1994 genocide. He was told how he realised his trading skills at the age of 15, when his family shifted back to Uganda.

Thakkar began flying to Dubai, after receiving $5000 cash from his father, where he bought cheaper products and sold them in a tiny shop in central Kampala. His business expanded when he set up a Dubai-based company. He met ex-Barclays Plc head Bob Diamond at a World Economic Forum conference in May 2013, where they decided to start a banking venture together- Atlas Mara. Based in the British Virgin Islands, the company raised millions of dollars from investors through share offerings since it was established.

Meanwhile, Thakkar had already lost an opening battle in July, when Moor ruled the couple should not finalise a divorce until decisions were made on how much Manek would get as settlement. He also stated that she might be at a disadvantage if she was fighting as an ex-wife rather than a wife. Thakkar will be informed how much he should pay Meera, at a hearing expected later this year.