Karma has no menu; you get served what you deserve, and top lawyer Ronald Gibbs, an ex-partner at one of Britain’s top law firms, just got a slice of that. A Cayman Islands Grand Court judge has ordered the freezing of up to $45 million in assets of the 66-year-old former partner at Linklaters that includes a luxury yacht, a company, and several properties, per Caymancompass.
The backstory goes that Gibbs was entrusted with a $25 million investment fund set up for Princess Deema Bint Sultan Bin Abdulaziz Al Saud in 2011. He did put the money to use, but for himself. From a swanky $29 million super-yacht Elysium, which he sailed around the world on, to a $3.5 million luxury apartment at the Regent Hotel in Porto, Montenegro, and even shares in a boat-building company he controlled, the avaricious man didn’t bat an eyelid before fooling the royal.
Now nearly over a decade later, the princess has found her silver lining as the UK Court has ordered Gibbs to pay damages of almost $40 million to Princess Deema Bint Sultan Bin Abdulaziz Al Saud, of the Saudi Arabian royal family. Of course, getting this massive chunk won’t be easy, and Gibbs has already pleaded in court, stating he was ‘ruined’ and left with little choice but to tackle the princess’ team of top lawyers by himself with nothing more than a ‘small laptop and a £50 printer. He clearly needs to jog his memory to remember his $45 million worth of assets, and the judge helped.
The Elysium yacht is now being held by authorities in Spain, as a secured creditor, Close Brothers Limited, has been granted an English High Court judgment against Elysium Yacht Limited for nearly $6.5 million. In addition, the five-bedroom house Gibbs owned in King’s Road, for over $5 million, will also be sold to pay off the princess. ‘She seeks the long-awaited return of her money that was transferred to the defendant, a former Linklaters partner in 2011 – plus further compensation reflecting the loss of use of that money,’ Mr. Atrill said. ‘He has never paid a penny of what he owes, all while spending millions on his superyacht and yacht-building business, maintaining his multinational property empire, and making significant sales of assets, generating millions of pounds that he directed elsewhere than to the claimant. This should be a straightforward case,’ he added. ‘Mr. Gibbs’ failure to sell the assets or return the funds is, among other things, a straightforward breach of the settlement agreement.’
The customized Sunseeker 131 superyacht Elysium, which is at the center of this dispute, was yacht enthusiast Gibbs’s fifth Sunseeker. The extremely elegant boat that flaunts a neutral yet impressive interior sleeps 10 guests in 5 spacious suites. The kingly master suite is outfitted with a massive bed, floor-to-ceiling windows, and a walk-through wardrobe. Elysium boasted a galley with two ovens, a microwave, four fridges, and two freezers, despite the picky owner’s preferences for piping hot meals ashore. It looks like he will be missing his days on his boat with beautiful views and hot meals for a long, long time.
