Bankrupt banker hid £20 million art work in bankruptcy hearing
Former multi millionaire and ex-banker Jonathan Weal was accused of hiding valuable art works including a JMW Turner painting worth £20 million during a £290,000 bankruptcy hearing the Inner London Crown Court has heard.
Mr Weal declared his assets were “worthless” in 2012 (he even listed his underpants). However the painting entitled “fishing boats in a stiff breeze” was subsequently verified as an original work by Turner and insured for £20 million.
Mr Weal could not have predicted the court case he now finds himself embroiled in when the painting was originally purchased for £3,700.
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