By Courtney Trenwith
Basma Al Sulaiman claimed Credit Suisse Group had been negligent and given her bad advice
A wealthy Saudi divorcee has lost a multi-million dollar court case against an investment company that she claimed had acted like “vultures” in trying to lure her money, which she ultimately lost.
Basma Al Sulaiman invested about $28 million of a $40 million divorce settlement after the break-up of her marriage to Walid Al Juffali, an executive with Saudi Cement Co and member of one of Saudi Arabia’s richest families, in 2003, according to the High Court in London.
She bought 23 structured notes from Credit Suisse Securities Europe and Plurimi Capital LLP, almost all of which were leveraged by loans from the bank.
The value of the notes fell significantly following the onset of the financial crisis in 2008 and Al Sulaiman lost $31 million.
In her case, she claimed Credit Suisse Group had been negligent and given her bad advice.
Al Sulaiman, an art collector aged in her 50s, told the court that following publicity of her divorce she was “beset by banks and others like vultures, all of whom wanted to aid her in investing her settlement monies”. She was an inexperienced investor, she said.
However, Justice Cooke ruled against her, saying Al Sulaiman had blamed others for her own “risk taking”.
She had been “irrational as to be incomprehensible” by not making the “obvious” decision to cover a $10 million margin call from Credit Suisse following the collapse of Lehman Brothers Holdings in 2008, Justice Cooke said.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
I agree with her that those are VULTURES. who mad eher inverst in places where agens were benefitted at the cost of investers. Who cares for inveter money, it is what i am getting is important, that is the motto of all the agents including banks and other financial advisors and real estate agents. No matter how much is written on this subject is less. And those who had lost are forgotten and they are in search of new preys, and they do find new preys. I was wondering how can BIG stars and other banks can loose money to fradsters like Maddox (Is the name right ?) (pyramid schemer). They have the best advisors of worlds with them . ? Then i found answer, Ofcourse advisors are benefitting from both side by advising. !!
....what? Come on, AB, you refuse to post some well written pieces, then allow this gibberish on???
Telco guy? Seriously? That's your name ? Do you know the back ground of this case? Your statement shows your ignorance or callousness to the effects of greed that were created by the so called banking industry. Know your facts about this case before boasting about your so called intelligence. This is a very sad case about a greedy banker that had no clue what he was doing and destroyed many honest made fortunes with his greed. His claim was always " these are capital guaranteed". So you know what to do with your pompass remarks!