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

A Swiss bank is pursuing a Saudi prince in court over claims that he failed to pay millions in interest and loans he obtained to refinance his English mansion and superyacht.

Credit Suisse Group AG claims Prince Fahad Bin Sultan, governor of Saudi Arabia’s Tabuk province, failed to pay approximately $ 78 million (£ 57 million) in interest and loans he obtained to refinance his 270-foot superyacht and Surrey mansion. .

A court filing in London revealed that the Cayman Islands-registered motor yacht ‘Sarafsa’ is worth approximately € 58 million (£ 48 million), while the property, near Wentworth Golf Club, south London, is worth £ 35 million.

The Swiss bank says two companies defaulted on two loans it had made to refinance the purchases, and claims that Prince Fahad, the guarantor of the loans, is the ultimate beneficiary of the assets, Bloomberg reports.

Credit Suisse Group AG claims that Prince Fahad Bin Sultan, the governor of Tabuk province in Saudi Arabia, failed to pay approximately $ 78 million (£ 57 million) in interest and loans he obtained to refinance his 270-foot superyacht and the Surrey mansion.

Credit Suisse claims that a special-purpose-built vehicle, based in the British Virgin Islands, defaulted on a loan facility for the yacht, which had been agreed in 2020, by failing to pay interest, fees and costs.

The Zurich-based bank also alleges that it failed to provide evidence that the prince had liquid, “lien-free” assets of at least $ 25 million (£ 18 million), in breach of the agreement.

Credit Suisse wrote to Saudi royalty demanding payment of more than 37 million euros (£ 30 million).

The bank also accuses another company based in the British Virgin Islands of defaulting on a line of credit, agreed in 2017, by failing to repay part of the loan plus interest.

Credit Suisse reportedly asked Prince Fahad to pay the outstanding £ 26.5 million.

Prince Fahad’s lawyers have yet to present defense documents in the case, the reports say.

Fahad bin Sultan has been governor of Tabuk province since 1987 and is a member of the House of Saud, the ruling royal family of Saudi Arabia.

One of his sons, Faisal, is the lieutenant governor of the Hail region.