Swiss Bank is taking a Saudi prince to court for failing to pay millions of dollars in interest and loans. He took these out in order to refinance the English house and superyacht.
Credit Suisse Group AG claims that Prince Fahad Bin Sultan, the governor of Saudi Arabia’s Tabuk province, failed to repay roughly $78million (£57million) in interest and loans he took out to refinance his 270-foot superyacht and Surrey mansion.
A court filing in London revealed the motor yacht ‘Sarafsa’, registered in the Cayman Islands, is worth roughly 58million euros (£48million), while the property estate, close to the Wentworth Golf Club just south of London, is worth £35million.
Bloomberg reports that the Swiss bank claims two companies have defaulted in two loans it provided for refinance purchases. It also asserts Prince Fahad, who was the guarantor of the loans, will be the final beneficiary.

Credit Suisse Group AG claims that Prince Fahad Bin Sultan, the governor of Saudi Arabia’s Tabuk province, failed to repay roughly $78million (£57million) in interest and loans he took out to refinance his 270-foot superyacht (pictured) and Surrey mansion

A court filing revealed the motor yacht ‘Sarafsa’, registered in the Cayman Islands, is worth roughly 58million euros (£48million)

The property estate, close to the Wentworth Golf Club (pictured) just south of London, is worth £35million
Credit Suisse claims that a vehicle with special purpose, built in British Virgin Islands, has defaulted on the loan facility to the yacht. The agreement had been made in 2020. Credit Suisse says the boat was not paid interest, costs, or any fees.

Saudi Prince Fahad Bin Sultan
The Zurich-based bank is also alleging that it did not give evidence that the prince had liquid assets, ‘free of encumbrances’, of at least $25million (£18million), which was a breach of the agreement.
Credit Suisse wrote to the Saudi royal demanding payment of more than 37 million euros (£30million).
A British Virgin Islands-based bank accuses another firm, also based in the British Virgin Islands, of defaulting upon a loan facility that was agreed to in 2017. This includes not paying interest and partial repayment of the loan.
Credit Suisse then reportedly asked Prince Fahad to pay the outstanding £26.5million.
Reports claim that Prince Fahad’s lawyers have not yet filed their defence papers.
MailOnline reached out to Credit Suisse for comment.
Fahad bin Sultan has been the governor of Tabuk Province since 1987 and is a member of House of Saud – the ruling royal family of Saudi Arabia.
Faisal, one of his children, is now the deputy governor in Hail Region.