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Saudi Superyacht Dispute Pits Credit Suisse Against Gulf Prince

  • Bank says Saudi royal owes $42 million for luxury cruiser
  • Prince’s spokesperson didn’t respond to requests for comment
Prince Fahad Bin Sultan

Prince Fahad Bin Sultan

Source: Saudi Arabia Ministry of Interior

Credit Suisse Group AG is pursuing a Saudi prince in court, alleging he failed to repay the bank around $78 million in interest and loans he took out to refinance his 82-meter (269-foot) superyacht and mansion property in England.

In a London lawsuit filed in November, the Swiss bank said that two companies defaulted on a pair of loans it provided for refinancing the luxury purchases. Prince Fahad Bin Sultan, governor of Saudi Arabia’s Tabuk province, is the guarantor for the loans and the ultimate beneficiary of the assets, according to Credit Suisse.