Cutting Edge Solutions...

Old Style Service And Values

Attorneys Vic Hill and Brad MacDonald

Simon Cowell accused of helping friend hide assets during divorce

Fox News reports that former American Idol judge Simon Cowell has been accused of assisting a friend hide $652 million in assets from the man’s estranged wife during their divorce in order to avoid

Scottish business tycoon Scot Young’s ex-wife claimed in court on Monday that her 48-year-old ex-husband, who claimed he went bankrupt last year because of unpaid taxes, still has over $2 billion in assets. She also testified that her ex-husband is a large shareholder in the TV show American Idol, and that she believes Cowell is assisting in hiding his assets.

According to sources, Young and his ex-wife married back in 1995 and then filed for divorce in 2006, citing unreasonable behavior and claiming he had money in offshore accounts. Young currently claims to not have money to pay maintenance for the couple’s two daughters, 18 and 16 years of age.

Among other things, the woman testified that her estranged husband is currently living with his mistress in London’s high-profile Knightbridge area, eating at fancy restaurants, and driving a Ferrari. Cowell’s name was among two others who, the wife claims, are hiding assets for her husband to help him avoid making a large payout. The others were Sir Phillip Green, a wealthy UK retailer, and Richard Caring, a famous restaurant owner.

Young’s wife affirmed in court that there was “a huge conspiracy involving a lot of people who would otherwise be regarded as respectable, to his [her husband’s] assets.

Cowell’s spokesman dismissed the allegations. Cowell himself said the allegations are “utterly untrue,” and indicated he may sue.

Source: Fox News, “Simon Cowell Accused of Helping Friend Hide Millions From Estranged Wife,” 12 April 2011.