Saudi Prince loses UK court battle over Muammar Gaddafi jet
London: A billionaire Saudi prince lost a London court battle on Wednesday when a judge ordered that he should pay a USD 10 million commission linked to the sale of a luxurious private jet to former Libyan leader Muammar Gaddafi.
The High Court ruling is an embarrassment for Prince Alwaleed bin Talal, a nephew of Saudi Arabia`s King Abdullah, who gave evidence in person for two days at the trial earlier this month.
The Prince was being sued by Daad Sharab, a Jordanian businesswoman who said she was not paid any commission for brokering the sale of the jet to Gaddafi, which was completed in 2006 for USD 120 million.
The Prince`s defence was that there was no agreement to pay a USD 10 million commission but rather that Sharab would be paid "at his discretion". He told the court he paid her nothing because during the protracted sale she had "moved to the Libyan camp".
Judge Peter Smith ruled in favour of Sharab, who issued a statement urging Prince Alwaleed to heed the court ruling and pay up.
The Prince is number 26 on the Forbes global ranking of billionaires. The US magazine estimates his fortune at USD 20 billion while he says the figure is closer to USD 30 billion.
Through his Kingdom Holding Company, the Prince owns large stakes in Citigroup, News Corp and Apple, among other companies. He is also the owner or part-owner of luxury hotels including the Plaza in New York, the Savoy in London and the George V in Paris.
More from India
More from World
More from Sports
More from Entertaiment
- China condemns Pakistan over Uri terror attack
- Indian- Americans launch online petition to declare Pakistan 'sponsor of terrorism'
- DNA: Analysis over who is responsible for tense condition of Kashmir after Burhan Wani's death?
- Congress workers thrash students for showing black flags to Rahul Gandhi in Raebareli
- EU warns Pakistan of political and economic sanctions over atrocities in Baloch
- Uri attack: Israel ready to help India with cutting-edge technology to secure borders
- India's Rafale vs Pakistan's F-16: Why the French fighter jet is the best choice for dogfight
- MNS ultimatum to Pakistani actors: Leave India in 48-hour deadline
- All you need to know about Reliance JioFi at Rs 1,999 – use free data till December 31