Principe saudita in guerra con una banca da oltre 48 milioni di sterline di superyacht: Credit Suisse launches legal battle over ‘unpaid £57m in interest and loans used to refinance 270ft luxury vessel’
A Swiss bank is pursuing a Saudi prince in court over claims he failed to pay back millions in interest and loans he took out to refinance his English mansion and superyacht.
Credit Suisse Group AG claims that Prince Fahad Bin Sultan, the governor of Arabia Saudita‘s Tabuk province, failed to repay roughly $78million (£57million) in interest and loans he took out to refinance his 270-foot superyacht and Surrey mansion.
A court filing in Londra revealed the motor yacht ‘Sarafsa’, registered in the Cayman Islands, is worth roughly 58million euros (£48million), while the property estate, close to the Wentworth Golf Club just south of London, is worth £35million.
The Swiss bank says two companies defaulted on two loans it had provided to refinance the purchases, and claims Prince Fahad, the guarantor for the loans, is the ultimate beneficiary of the assets, Bloomberg rapporti.
Credit Suisse Group AG claims that Prince Fahad Bin Sultan, the governor of Saudi Arabia’s Tabuk province, failed to repay roughly $78million (£57million) in interest and loans he took out to refinance his 270-foot superyacht (nella foto) and Surrey mansion
A court filing revealed the motor yacht ‘Sarafsa’, registered in the Cayman Islands, is worth roughly 58million euros (£48million)
The property estate, close to the Wentworth Golf Club (nella foto) just south of London, is worth £35million
Credit Suisse is claiming that a special purpose built vehicle, based in the British Virgin Islands, defaulted on a loan facility for the yacht – which had been agreed in 2020 – by not paying interest, fees and costs.
Saudi Prince Fahad Bin Sultan
The Zurich-based bank is also alleging that it did not give evidence that the prince had liquid assets, ‘free of encumbrances’, of at least $25million (£18million), which was a breach of the agreement.
Credit Suisse wrote to the Saudi royal demanding payment of more than 37 che è stato chiamato a Forbes' (£30million).
The bank also accuses another British Virgin Islands-based firm of defaulting on a loan facility, agreed in 2017, by not paying back part of the loan plus interest.
Credit Suisse then reportedly asked Prince Fahad to pay the outstanding £26.5million.
Prince Fahad’s lawyers have not yet filed defence papers in the case, i rapporti dicono.
Credit Suisse declined to comment when contacted by MailOnline.
Fahad bin Sultan has been the governor of Tabuk Province since 1987 and is a member of House of Saud – the ruling royal family of Saudi Arabia.
One of his sons, Faisal, is the deputy governor of Hail region.