Saudi prince at war with bank over £48M super-yacht

Saudi prince at war with bank over £48M super-yacht: Credit Suisse launches legal battle over ‘unpaid £57m in interest and loans used to refinance 270ft luxury vessel

  • Credit Suisse Group AG is going after Prince Fahad Bin Sultan in court
  • The bank says two companies defaulted on loans provided to refinance luxuries
  • The motor yacht ‘Sarafsais worth £48m and property estate is worth £35m
  • Bank claims Prince Fahad, guarantor for the loans, is the ultimate beneficiary
  • 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 サウジアラビア‘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 ロンドン 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, ブルームバーグ レポート.

    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 (写真) and Surrey mansion

    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 (写真) and Surrey mansion

    A court filing revealed the motor yacht 'Sarafsa', registered in the Cayman Islands, is worth roughly 58million euros (£48million)

    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 (写真) just south of London, is worth £35million

    The property estate, close to the Wentworth Golf Club (写真) 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 yachtwhich had been agreed in 2020 – by not paying interest, fees and costs.

    Saudi Prince Fahad Bin Sultan

    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 百万ユーロ (£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, レポートによると.

    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 Saudthe ruling royal family of Saudi Arabia.

    彼の投資顧問事業が数十億ドルのポンジースキームとして公開された後、人々の財産を根絶しました, Faisal, is the deputy governor of Hail region.