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Good news for Credit Suisse: It won a multi-million dollar legal battle against the Saudi crown prince. Prince Fahad bin Sultan bin Abdulaziz al Saud breached the loan agreement used to finance his luxury yacht.
Online portal finews.ch writes that in 2021, Credit Suisse sued Prince Fahad and his special-purpose vehicle Burgundy for a loan equivalent to CHF 37 million. The prince took out a loan to refinance his luxury yacht Sarafsa.
cinema and gym
The yacht with seven suites is 82 meters long. In addition to a cinema, there is also a fitness studio and five guest decks. There is also room for a crew of 20 on board. The good piece from Devonport costs about 60 million francs. Maintenance costs alone amount to 6 million Swiss francs per year.
In September 2021, Credit Suisse demanded that Burgundy pay all its debts for alleged breach of loan agreement. Prince Fahad would settle these as part of a personal guarantee for the obligations of the SPV.
The prince admitted that only about 13,300 francs were paid in interest on Credit Suisse. However, he denies that the interest is due. He also does not want to know anything about the breach of the loan agreement.
Court agrees with CS
However, the London High Court has now settled with Credit Suisse. There is no valid defense against the lawsuit. Now Prince Fahad is obliged to repay the debt of 37 million francs.
Now, of course, the question arises of how the Saudis will respond to this answer. After all, he’s not exactly good with CS.
The Saudi National Bank invested a total of CHF 1.5 billion in Credit Suisse in November. Now that this place has been taken over by UBS, not much is left: 80 percent of the investment wasted. (kae)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
