Khoo Kay Peng, the 78-year-old head of Laura Ashley has been ordered to pay his ex-wife £64 million to settle their long-running divorce dispute.

Pauline Chai, who was crowned Miss Malaysia in 1969, had been seeking £100 million from Mr Khoo following their split after 42 years of marriage. She claimed their assets totalled at least £205 million. 

She claimed she had contributed to her husband’s success by being a “traditional” wife, and that she and Mr Khoo had made a sharing agreement entitling her to half of the family wealth.

Mr Khoo argued that his former wife should onl...