Property baron Nicholas Hoogstraten has failed in a renewed challenge to a court order freezing £5 million of his assets.

Mr Hoogstraten had told the High Court the freezing order - part of a case being brought against him by the family of a man he stands condemned of murdering - was preventing him from instructing lawyers to act in his defence because he had no available funds.

But Mr Justice Lightman said the tycoon, who said in a television interview he was worth more than £100 million, had arranged his affairs so as to enable him to say he had no assets available to meet any court judgements which might be made against him.

He was not willing to disclose details of how he had disposed of his wealth and there was a real prospect that he would take evading action if claims were made on some assets which, the judge believed, were still under his control.

The judge's belief that Mr Hoogstraten still had control over substantial funds was based on his view that "overweening self-confidence" and his "attachment to money" might have deterred him from irrevocably parting with his assets.

In December last year the judge held that Mr Hoogstraten, 60, hired two hit-men to murder a business rival.

The multi-millionaire had been cleared in the criminal courts of killing Mohammed Raja.

But in a civil damages action launched on behalf of Mr Raja's family and estate, Mr Justice Lightman ruled that Mr Hoogstraten had recruited two "highly dangerous thugs" to murder Mr Raja in order to halt a lawsuit Mr Raja was bringing against him over a business deal.

Mr Raja, 62, was stabbed and shot after answering the door at his home in Sutton, south London, on July 2, 1999.

His killers, Robert Knapp and David Croke, are serving life for murder.

Mr Hoogstraten - described by Mr Justice Lightman yesterday as a "ruthless as well as violent" man who used tactics and devices to place his wealth beyond the reach of creditors - is to apply to the Court of Appeal later this week for permission to appeal against the judge's finding that he murdered Mr Raja.