Revealed: Saudi Arabian diplomat takes legal action over £25 million for 'missing skyscraper' - part 2

Sunday, 25 June 2017, 3:00 pm

Tucked away on page 3 of the news pages of today's business section in The Sunday Times is a little item from one of my favourite hacks, the multi award winning Oliver Shah, about how Credit Suisse and a Saudi Arabian diplomat have settled a multi-million pound lawsuit over an investment in involving a skyscraper development in London's Docklands. Here is the link:

In case you don't recall, little old Betaville revealed in October 2015 that a high-level Saudi Arabian diplomat,Dr Mohammed Abdulraman Abdulaziz Albesher, had taken Credit Suisse and the mystery Irish property developer Tom Ryan to London's commercial courts after allegedly providing around £25 million to build a 74-storey residential skyscraper in Canary Wharf, London's financial district. Here is the link to that piece:

And I understand the other multi-million pound claim against Credit Suisse is heating up, with meetings/hearings expected to be held this week. Milos Andric, a Norwegian tycoon, is pursuing the bank for £7 million on behalf of his vehicle, Brova, after the investment in Tom Ryan's proposed residential tower development in Canary Wharf turned sour.

It will be interesting to see whether Credit Suisse agrees to also settle Andric's claim.....

[Disclaimer - the information on Betaville does not consitute any form of investment recommendation and is not intended to be relied upon by readers in making, or refraining from, any investment decisions].

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