Prince and princesses are always associated with luxuries, mansions, trips to exotic locations, and being surrounded by the cream of life. We tend to forget the more significant the person, the bigger the bills and burdens! Prince Fahad Bin Sultan of Saudi Arabia is locking horns with a Swiss bank, Credit Suisse Group AG, in court over unpaid $78 million in interest and loans. This massive sum of money was not taken to finance a business venture but to refinance his English mansion and superyacht. The governor of Saudi Arabia’s Tabuk province owns the lavish motor yacht ‘Sarafsa,’ registered in the Cayman Islands, worth roughly $65 million, and a sprawling property estate just south of London, worth almost $50 million.
Sarafsa is a 269 feet megayacht with six luxurious cabins that can sleep 12 people and a crew of 20. The opulent vessel fit for royalty was designed by the world-famous British brand Winch Design. According to Bloomberg, the Swiss bank says two companies defaulted on two loans to refinance the purchases, and Prince Fahad is the ultimate beneficiary of the assets. Auto Evolution shared the bank documents state the Saudi royal’s companies also failed to pay interest and fees for the British Virgin Islands-based yacht and deliver proof that the prince possessed at least $25 million in liquid assets, as agreed earlier. The bank now wants the prince to pay up at least $40 million.
Fahad bin Sultan is a very established name in the region, enjoying the prestigious position of Tabuk Province governor since 1987. He is also a member of the House of Saud – the ruling royal family of Saudi Arabia. There are no defense papers filed in court by the prince’s lawyers.
[Via: Bloomberg]
