Billionaire legal stoush: Heloise Pratt suing estranged husband Alex Waislitz

The pair previously attempted negotiations through solicitors but are now headed to the Victorian Supreme Court.

Heloise Pratt is suing her estranged husband Alex Waislitz.

Melbourne billionaire Heloise Pratt is suing her estranged husband Alex Waislitz, alleging historical misconduct in the operations of their jointly-owned business, Thorney Investments.

Documents filed in the Victorian Supreme Court name Ms Pratt and her Pratt Family Trust as plaintiffs in a case against Waislitz and numerous related parties, including family members. The Pratt Family Trust is administered by her brother, Visy executive chairman Anthony Pratt, and sister Fiona Geminder.

The pair previously attempted negotiations through solicitors over the ownership and control of Thorney Investments, which was started by Mr Waislitz in the early 1990s. The business grew out of a sum of money provided by Ms Pratt’s father, the late cardboard magnate Richard Pratt.

Mr Waislitz has maintained that the funds were repaid.

Thorney now has more than $1.5bn in net assets on its balance sheet.

The Pratt family will be alleging that Mr Waislitz seriously misconducted himself over a number of years while steering the operations of Thorney Investments, in a case that will centre around control of the business and its group of entities.

Comment has been sought from the Pratt family and Mr Waislitz. A spokesman for Mr Waislitz said it was not appropriate to comment.

The pair married in 1994 and remained on financially amicable terms following their separation in 2015. Ms Pratt sought to finalise the terms of their separation over the past 24 months, those talks having broken down over the past year.

Prominent King’s Counsel Allan Myers is representing the Pratt family in the case.

More to come