Monday, 26 October 2015

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

A high-level Saudi Arabian diplomat has 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.

Dr Mohammed Abdulraman Abdulaziz Albesher, currently the Saudi Arabian ambassador to the United Arab Emirates, is trying to recover £25 million from Ryan and his bankers at Credit Suisse after the developer's property scheme for the Hertsmere House site in Canary Wharf failed to get off the ground, according to the Particulars of Claim seen by Betaville.

Some readers might recall that almost two years ago Ryan launched his plans to build the tallest residential skyscraper in Europe at a site in Canary Wharf with great fanfare. Here is a link to Financial Times article on the launch of the scheme:

However, just a few months later Ryan failed to complete the initial phase of the development and the Hertsmere House site was sold to Greenland, a Chinese property company, in March 2014.

Since then, little old Betaville has revealed that Ryan's banker at Credit Suisse, Hans Olav-Eldring, left the Swiss bank and financial backers to the Hertsmere House scheme, such as Brova Consulting Limited, are threatening to sue the developer and Credit Suisse after providing millions of pounds for the project. Here is my original article and also a follow up piece by The Guardian:

Anyway, it turns out Dr Mohammed allegedly first got involved with the Ryan's Hertsmere House project after his son met the developer in July 2013 at the super posh Bulgari hotel in Knightsbridge, London. At the time, Dr Mohammed was the Saudi Arabian ambassador to Morocco.

According to the Particulars of Claim, Dr Mohammed's son explained to Ryan that his father was interested in purchasing a property in London. So, Ryan offered Dr Mohammed's son the opportunity to invest in Hertsmere House.

After several meetings with Ryan and his banker at Credit Suisse - who allegedly was arranging some of the debt financing for the deal - Dr Mohammed agreed in September 2013 to stump up the £15 million that the developer said he needed as a "down payment" to purchase the Hertsmere House site. To be clear, in their defence, Credit Suisse and Tom Ryan are claiming that Dr Mohammed transferred just over £14.7 million to the developer and his bankers.  

Still, things really started to go downhill for Dr Mohammed from here. A few weeks after providing Ryan with £15/£14.7 million, the developer told Dr Mohammed said he needed a loan of £10.4 million for the, according to the Particulars of Claim, "specific purpose of extending the contract for the purchase of the property".

Ryan then convinced Dr Mohammed to transfer another £12 million in January 2014 after visiting him Casablanca, Morocco. By this point, though, Credit Suisse recognised something was up - the bank froze the £12 million that was paid to Mr Ryan's account and returned it to the Saudi Arabian diplomat.

I expect the the dust up to continue, so keep an eye on little old Betaville for further updates and juicy nuggets...

None of the parties involved would comment.



    I am married with two kids and i was stuck in a financial situation and i needed to refinance, pay debt and pay for my husband medical bill. I tried seeking loans from various loan firms both private and corporate but never with success,and most banks declined my credit. But as God would have it, i was introduced to VICTORIA LAWSON LOAN FIRM by a friend and i applied immediately with {} loan sum of $30,000USD and today am a business owner and my kids are doing well at the moment. So dear,if you must contact any firm with reference to securing a loan with low interest rate of 2% and good repayment plans, Contact Victoria Lawson Loan Firm with ( I am so happy now and i decided to let people know more about her, she offers all kinds of loans. You can contact her company today

    *Full Name:_________



    *loan amount:_________

    *Loan duration:_________


    *Purpose of loan:_________

    *Monthly Income:__________


    *Next of kins :_________

    *Email :_________

  2. Hello Everybody,
    My name is Mrs Sharon Sim. I live in Singapore and i am a happy woman today? and i told my self that any lender that rescue my family from our poor situation, i will refer any person that is looking for loan to him, he gave me happiness to me and my family, i was in need of a loan of S$250,000.00 to start my life all over as i am a single mother with 3 kids I met this honest and GOD fearing man loan lender that help me with a loan of S$250,000.00 SG. Dollar, he is a GOD fearing man, if you are in need of loan and you will pay back the loan please contact him tell him that is Mrs Sharon, that refer you to him. contact Dr Purva Pius,via email:( Thank you.