Saudi Superyacht Dispute Pits Credit Suisse Against Gulf Prince - Bloomberg
Credit Suisse Group AG is pursuing a Saudi prince in court, alleging he failed to repay the bank around $78 million in interest and loans he took out to refinance his 82-meter (269-foot) superyacht and mansion property in England.
In a London lawsuit filed in November, the Swiss bank said that two companies defaulted on a pair of loans it provided for refinancing the luxury purchases. Prince Fahad Bin Sultan, governor of Saudi Arabia’s Tabuk province, is the guarantor for the loans and the ultimate beneficiary of the assets, according to Credit Suisse.
The Cayman Islands-registered motor yacht ‘Sarafsa’ is worth about 58 million euros ($65.5 million), according to the court filing. The property estate, situated close to the storied Wentworth Golf Club outside London, was valued at 35 million pounds ($47 million) in 2019.
The suit offers a glimpse into how Saudi royalty sometimes use offshore vehicles to finance their luxury lifestyle but also how even the super-wealthy can run afoul of one of Europe’s biggest banks.
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