Billionaire Alex Waislitz has alleged his ex-wife Heloise Pratt failed to pay attention to the couple’s business affairs and was unconcerned with the running of their private investments, in a defence to a lawsuit lodged by the scion of the packaging dynasty.

The defence hits back at claims by Ms Pratt that Mr Waislitz falsified board records and withheld information about the couple’s private investment vehicle, and directed more than $1 million to himself and his charity without her knowledge.