Simon Cowell named in ‘plot to hide divorce-case tycoon’s £2 billion’

SIMON Cowell sent top lawyers to the High Court today over “scandalous” allegations that he is involved in a plot to hide the £2bn assets of a tycoon enmeshed in bitter divorce proceedings.

The extraordinary intervention by the X Factor boss came in the middle of a four-day hearing in which former model Michelle Young is accusing her tycoon husband, Scot, of using wealthy friends and associates to hide his multi-million assets.

The judge indicated his preliminary view was that there was “not a scrap of evidence” against Mr Cowell.

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Mrs Young says she is destitute and seeking maintenance for herself and two teenage daughters.

Her husband says he lost his fortune through disastrous property dealings and is broke and cannot pay.

In court he described his wife’s allegations as those of “a fantasist”.

The 47-year-old estranged wife named Mr Cowell as one of the associates in the conspiracy to conceal Mr Young’s fortune.

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Others include Topshop tycoon Sir Philip Green, restaurateur Richard Caring and Russian oligarch Boris Berezovsky.

Mrs Young told Mr Justice Mostyn from the witness box that her husband, 49, was “a secret shareholder” in American Idol.

Today, the third day of the hearing, Mr Cowell sent leading defamation lawyers Carter Ruck to court to state all her allegations were “completely without foundation”.

Matthew Nicklin, appearing for Mr Cowell, read a statement recalling that the judge had cautioned Mrs Young as she made her allegations on Monday this week, but she had stood by them, and they had made headlines in the press and media.

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Mr Nicklin said: “As a result of the privilege attaching to reports of court proceedings and the immunity Mrs Young enjoys for what she says as a witness in the witness box, Mr Cowell has absolutely no redress against the republication of her allegations.”

He added: “They are scandalous. I am here today to make it clear that Mr Cowell categorically refutes the claims made against him by Mrs Young.”

Mr Cowell had never had any business dealings with Mr Young and “has no knowledge whatsoever of Mr Young’s financial affairs”.

Mr Nicklin went on: “The allegation that Mr Young is a secret shareholder in American Idol is simply false.

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“Mr Cowell would never be a party to any attempt to mislead the court and the allegations made by Ms Young are completely without foundation.”

The judge turned to Mrs Young’s counsel, Philip Noble, and asked him if she had abandoned her allegations against Mr Cowell.

Sitting behind Mr Noble, Mrs Young said aloud: “No I have not.” She said: “Investigations are continuing.”

The judge said that, if he were to give a preliminary judgment, he would say there was not “a scrap of evidence to suggest Mr Cowell has sheltered funds or shares in the way that is urged”.

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Mr Noble said the reason why Mrs Young had made her allegations was that she believed Mr Cowell was part of a group of associates, including Sir Philip Green, involved in “recycling” her husband’s cash.

Mrs Young did not have any further evidence against Mr Cowell, “apart from what she views in her mind as guilt by association”.

Mr Noble said he was instructed that Mr Cowell would not be called to give evidence to the court.

The judge said that if Mrs Young did intend to ask the court to make findings against Mr Cowell she must give two weeks’ notice.

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Mr Nicklin told the judge he was grateful for today’s indication that there “was no evidence to support the allegations she made on Monday”.

Mrs Young claims her husband has assets hidden in the British Virgin Islands, Switzerland, the Bahamas and France and continues to lead an opulent lifestyle - living at an address in London’s Knightsbridge, dining at the best restaurants and driving a Ferrari.

But he says he lost his fortune in the credit crunch and cannot maintain her.

Mrs Young told the court she has been left destitute, living in a two-bedroom flat in Victoria with her two teenage daughters, who have been removed from private school because the school fees have not been paid.

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Yesterday Mr Young told the court that a group of his wealthy friends, including Sir Philip Green, had for a period around 2007 provided his wife with £1.1m to help maintain her while he attempted to get back on his feet.

Boris Berezovsky has also strongly refuted Mrs Young’s accusations.

He said in a statement: “The claims made by Michelle Young in her divorce case that I have assisted her former husband in hiding his assets are both completely false and ludicrous. I have no further comment to make.”

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