Billionaire investor Alex Waislitz has rejected claims by his former wife, the billionaire heiress Heloise Pratt, that he improperly made more than $21 million in loans from a shared family trust to buy a luxury apartment for his fiancee and back her music career.

As revealed by The Australian Financial Review last month, Pratt’s lawyer Allan Myers raised concerns in the Victorian Supreme Court that a family trust at the heart of the dispute had been making loans to Waislitz’s singer fiancée, Rebekah Behbahani.