Elena Ambrosiadou wins legal battle with ex-husband Martin Coward over software: They might be rich – but judge
isn’t buying it in ‘toxic’ divorce

High Court judge says hedge fund tycoons gave ‘tainted’ evidence in fight for spoils of marriage

Two hedge fund tycoons whose marriage “turned toxic” were accused by a judge yesterday of giving “tainted” evidence in their battle over the spoils of their failed relationship.

Martin Coward and Elena Ambrosiadou made their fortunes after creating the hugely successful IKOS investment business but their marriage fell apart and the bitterness between them has spawned more than 60 court cases.

Previously Ms Ambrosiadou, who in 2004 was named the UK’s highest paid woman, accused Dr Coward, a mathematician, of using a nanny to track her movements. He in turn claimed she bugged and spied on him.

In the latest episode of their break-up saga they were accused in London’s High Court by Mrs Justice Asplin of allowing their “obvious and deep animosity” towards each other to affect their candour. “It was quite clear that they are both highly intelligent and astute individuals,” said Mrs Justice Asplin.  “Unfortunately, their approach to giving evidence was tainted by their obvious and deep animosity and the extremely close correlation between their business and their personal affairs.” Mrs Justice Asplin had been asked to rule on whether Dr Coward or IKOS, where Ms Ambrosiadou was chief executive, owned the rights to the software that helped propel the investment business to success.

She came down in favour of IKOS but condemned Ms Ambrosiadou for being evasive and giving the impression she was trying to hide the truth.

“I found Ms Ambrosiadou to be extremely evasive and prone to making lengthy speeches in order to avoid answering questions which did not suit her, in what often appeared to be an attempt to obfuscate and confuse,” said the judge.

Dr Coward, she said, had also been evasive in some of his answers and the judge described his approach to giving evidence as at times “cavalier”.

Both sides appeared to claim victory with IKOS calling the judgment as “a resounding success” while Dr Coward welcomed the judge’s ruling the disputed software was originally written by him. He is now considering an appeal against the verdict that the software belongs to IKOS. An  IKOS spokesman said: “The UK High Court handed down a decisive victory to IKOS, the European hedge fund, against Martin Coward, a former director, by affirming IKOS’ ownership of its quantitative analysis software, and rejecting Mr Coward’s claims to it.”

Liam Hemmings, Dr Coward’s solicitor, said: “He is gratified the judge found he had written the software he claimed to have written and, whilst, he is considering appealing the judge’s finding he transferred the software at issue to IKOS, the matter has no immediate commercial significance as IKOS abandoned its claim that the original software had been used by Dr Coward in developing the software he is using in his new business before the trial.”

Start your day with The Independent, sign up for daily news emails
Have you tried new the Independent Digital Edition apps?
ebooks
ebooksA special investigation by Andy McSmith
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Recruitment Genius: Bookkeeper / Office Co-ordinator

£9 per hour: Recruitment Genius: This role is based within a small family run ...

Recruitment Genius: Designer - Print & Digital

£28000 - £32000 per annum: Recruitment Genius: This Design and marketing agenc...

Recruitment Genius: Quantity Surveyor

£46000 per annum: Recruitment Genius: This property investment firm are lookin...

Recruitment Genius: Telesales / Telemarketing Executive - OTE £30k / £35k plus

£18000 - £35000 per annum: Recruitment Genius: This company specialises provid...

Day In a Page

The difference between America and Israel? There isn’t one

The difference between America and Israel? There isn’t one

Netanyahu knows he can get away with anything in America, says Robert Fisk
Families clubbing together to build their own affordable accommodation

Do It Yourself approach to securing a new house

Community land trusts marking a new trend for taking the initiative away from developers
Head of WWF UK: We didn’t send Cameron to the Arctic to see green ideas freeze

David Nussbaum: We didn’t send Cameron to the Arctic to see green ideas freeze

The head of WWF UK remains sanguine despite the Government’s failure to live up to its pledges on the environment
Author Kazuo Ishiguro on being inspired by shoot-outs and samurai

Author Kazuo Ishiguro on being inspired by shoot-outs and samurai

Set in a mythologised 5th-century Britain, ‘The Buried Giant’ is a strange beast
With money, corruption and drugs, this monk fears Buddhism in Thailand is a ‘poisoned fruit’

Money, corruption and drugs

The monk who fears Buddhism in Thailand is a ‘poisoned fruit’
America's first slavery museum established at Django Unchained plantation - 150 years after slavery outlawed

150 years after it was outlawed...

... America's first slavery museum is established in Louisiana
Kelly Clarkson: How I snubbed Simon Cowell and become a Grammy-winning superstar

Kelly Clarkson: How I snubbed Simon Cowell and become a Grammy-winning superstar

The first 'American Idol' winner on how she manages to remain her own woman – Jane Austen fascination and all
Tony Oursler on exploring our uneasy relationship with technology with his new show

You won't believe your eyes

Tony Oursler's new show explores our uneasy relationship with technology. He's one of a growing number of artists with that preoccupation
Ian Herbert: Peter Moores must go. He should never have been brought back to fail again

Moores must go. He should never have been brought back to fail again

The England coach leaves players to find solutions - which makes you wonder where he adds value, says Ian Herbert
War with Isis: Fears that the looming battle for Mosul will unleash 'a million refugees'

The battle for Mosul will unleash 'a million refugees'

Aid agencies prepare for vast exodus following planned Iraqi offensive against the Isis-held city, reports Patrick Cockburn
Yvette Cooper: We can't lose the election. There's too much on the line

Yvette Cooper: We can't lose the election. There's too much on the line

The shadow Home Secretary on fighting radical Islam, protecting children, and why anyone in Labour who's thinking beyond May must 'sort themselves out'
A bad week for the Greens: Leader Natalie Bennett's 'car crash' radio interview is followed by Brighton council's failure to set a budget due to infighting

It's not easy being Green

After a bad week in which its leader had a public meltdown and its only city council couldn't agree on a budget vote, what next for the alternative party? It's over to Caroline Lucas to find out
Gorillas nearly missed: BBC producers didn't want to broadcast Sir David Attenborough's famed Rwandan encounter

Gorillas nearly missed

BBC producers didn't want to broadcast Sir David Attenborough's famed Rwandan encounter
Downton Abbey effect sees impoverished Italian nobles inspired to open their doors to paying guests for up to €650 a night

The Downton Abbey effect

Impoverished Italian nobles are opening their doors to paying guests, inspired by the TV drama
China's wild panda numbers have increased by 17% since 2003, new census reveals

China's wild panda numbers on the up

New census reveals 17% since 2003