Saudi Co. Sues Over Soured £10M Property Investment Deal

Law360, London (April 6, 2021, 6:17 PM BST) -- A Saudi Arabian development company has sued a property investor in London for allegedly diverting money intended for a £10 million ($13.8 million) joint venture for his own personal use and making fraudulent representations when entering their deal.

Emar Al-Bayadir for Development & Trading Ltd. has accused British citizen Sirajulhak Valli Moosa Karbhari of using funds provided by the Saudi company to buy land in England and registering it in his or his brother's name, rather than a special purpose vehicle that had been set up as part of an alleged joint venture.

The company's owner Sheikh Yousef Al-Shelash says in...

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