LONDON: A 39-year-old “reckless” Indian-origin banker has been ordered to hand over his remaining assets to his former wife to prevent him gambling them away.
Amit Goyal, who had worked at high-flying jobs at well- known banks in the heart of the financial district in London, got drawn into spread-betting and lost much of his fortune.
A judge had previously ordered Goyal, now believed to be living in heavy debt, to hand over his remaining assets to his 35-year-old wife Ankita Ghuman.
Justice Cobb dismissed his appeal yesterday against the previous court decision at the Court of Appeal in London, ruling that Goyal’s “financial recklessness to the detriment of his family” meant he should be stripped of his remaining “depressingly limited” assets, ‘Evening Standard’ reported.
During his heyday, Goyal earned up to 300,000 pounds a year as a trader in London and spent much of it on a high-end lifestyle with his then wife.
The couple split a few years ago and had been locked in a legal battle over their finances.
At a divorce hearing last year, the court found that Goyal had been lured in by a constant circulation among the traders of information and tips about spread-bets, with strong peer pressure to participate.
“So in order not to lose face, a trader would feel he had to take part. The husband did not want to be seen as a wimp. He wanted credibility in the eyes of his peers,” Judge Glenn Brasse had said then.
As part of the divorce settlement, Goyal must surrender 19,000 pounds in shares to his ex-wife, pay her 500 pounds a month in maintenance and share his pension with her.
Dismissing his appeal against the settlement, Justice Cobb said Ghuman was entitled to such financial payments.
“The husband had frittered away the matrimonial assets. Having dissipated all the wealth of the family, this husband should not have a penny more,” he ruled.
Goyal plans to challenge the court ruling over sharing his pension, and claims that he does not have one.