Swiss bank Credit Suisse (CSGN.S) has won a $41 million lawsuit against a Saudi royal family member over a loan to refinance a super yacht after London's High Court ruled that the bank's case lacked a strong counterargument.
According to a written decision by Judge Robert Bright, Prince Fahad bin Sultan bin Abdulaziz al Saud is responsible for paying the obligations owed by his company Burgundy Sea Limited to Credit Suisse.
The prince and Burgundy were not represented at the hearing last month, and the court rendered a decision in favour of Credit Suisse without conducting a trial. The decision was made and published on Wednesday.
A request for comment from Credit Suisse and the Saudi government's press office was not immediately answered.
In 2021, Credit Suisse sued Prince Fahad and Burgundy, a special-purpose vehicle that eventually belonged to the prince, for a loan for the refinancing of the luxury motor yacht Sarafsa that was for 48 million euros ($52.5 million).
Prince Fahad and Burgundy “have no real prospect of successfully defending (Credit Suisse’s) claims”, the judge said.
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