A prominent Saudi businessman borrowed £7,000.”000 $10.64m to fund his “compulsive” gambling habit, based on documents filed in the UK high court and seen through Arabian enterprise.
The documents exhibit that Fahad Al Tamimi, the president of Saudi Consulting Co, was “unless currently a compulsive and heavy gambler”, and a member of the exclusive Les Ambassadeurs membership, in the back of Park Lane in the Mayfair district of London.
in keeping with the files Al Tamimi “not best played the tables however regularly carried out business” at Les Ambassadeurs, one in all London’s most prestigious agen sbobet casinos.
Saudi Consulting Co is among the Kingdom’s largest and most established engineering and architectural organisations, with more than 2000 employees and places of work in Saudi Arabia, Egypt and the united kingdom. The court docket files consult with Al Tamimi as “a filthy rich and regular businessman”.
The details of his playing handiest came to mild after a dispute with a former associate, which resulted in Al Tamimi being sued efficiently for non-reimbursement of loans.
all over a duration of just about 5 years, between December 2002 and September 8 2007, Al Tamimi borrowed money “within the place of £7.”000.”000” from Mohamad Khodari, a senior director at Emirates NBD in London.
both parties met in 2001, when Khodari become a manager at Riyadh bank in London, and assumed accountability for an account held there via Al Tamimi. Later, when Khodari moved to country wide bank of Dubai now Emirates NBD, Al Tamimi moved his record there.
“on the club, if his success was out, the defendant Al Tamimi sometimes discovered himself urgently in want of greater chips with which to attempt to recoup his losses however with out immediate entry to dollars of his personal,” the courtroom judgment continues.
“a convention arose through which, acting in a personal potential, the claimant Khodari would accede to pressing requests on the part of the defendant Al Tamimi, made usually through telephone at nighttime or at any cost outside banking hours, to come back to the club and to lend him funds.”
The judge discovered that particular person loans of £50.”000 $seventy six,012 were “usual”, and that occasionally they had been “of up to £250.”000”, both in money or in playing chips purchased from the cashier at the club.
both agreed that Al Tamimi would repay the loans on demand, together with a fee of 10 %. in line with the files Al Tamimi would repay the loans “very quickly, typically within a day or two”, and even sooner within the adventure of “success at the tables”.
youngsters, the two fell out. The decide discovered that Al Tamimi “abruptly ceased to make full reimbursement” and “became in opposition t” Khodari.
subsequently Khodari sued Al Tamimi efficiently within the excessive court docket for “£240.”500 365,567 plus interest” owed on the transactions. Al Tamimi appealed the judgment in October remaining yr, but the attraction was rejected.
Neither Al Tamimi or Khodari could be reached for remark by using Arabian business.