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| Saudi royal Prince Bandar Bin Sultan's assets frozen |
| 2008-02-11 |
| PRINCE Bandar Bin Sultan, the former Saudi Arabian ambassador to America, has been hit by a court order in effect freezing some of his US assets, as part of a class-action lawsuit over bribery allegations at British defence giant BAE Systems. A Michigan pension scheme, the City of Harper Woods Employees’ Retirement System, has been granted a restraining order, according to documents filed in the US district of Columbia and seen by The Sunday Times. The order, granted last Tuesday, blocks Bandar from transferring out of the country any money he makes from the sale of property in America. Bandar owns one of the world’s most expensive homes, Hala Ranch, in Pitkin County, Aspen, Colorado. The bulk of the estate was put up for sale for $135m (£69m) in July 2006 after Bandar reportedly decided he was spending too much time in Saudi Arabia to take advantage of the lavish property. The latest move comes after the pension scheme launched a class-action suit on behalf of rebel investors last September against the BAE board, as well as former directors and Bandar. The case centres on allegations that bribes worth $2 billion were paid to Saudi officials, including Bandar, as part of BAE’s agreement to supply military aircraft and other equipment to Saudi Arabia. The lawsuit accuses BAE directors of “intentional, reckless and negligent breaches of their fiduciary duty”. |
| Posted by:trailing wife |
| #1 This really is something to celebrate. Could not have happened to a nicer guy. |
| Posted by: Besoeker 2008-02-11 08:27 |