26/04/2024

Appeal Court eliminates a US$ 3.65 billion claim against Saudi tycoon to zero

Sheikh Mohamed Bin Issa Al Jaber

Sheikh Mohamed Bin Issa Al Jaber is delighted that the Court of Appeal has today ruled that a claim of US$ 3.65 billion should be eliminated to zero.

The Court’s ruling fully vindicates the Sheikh’s fortitude and courage in defending these malicious claims, which were brought by Messrs Mitchell and Krys in the BVI and continue to be funded by a mysterious, unknown entity.

This is the second significant legal victory the Sheikh has achieved this year, after the Vienna Commercial Court found in his favour in the case of Austrian Airlines (Now part of Lufthansa Group). A ruling by the Vienna Commercial Court, confirmed in January 2024, vindicated the Saudi-Austrian entrepreneur.

Austrian Airlines sued the businessman and his company, the JJW Group, but the suit lacked any legal basis, as the key excerpts from the judgment of the Commercial Court of Vienna of March 31, 2023 show. The case was brought after Al Jaber withdrew from an investment because he felt he had been misled about the true financial circumstances of the airline,

These cases have been a distraction and Sheikh Mohamed is pleased now to be able to focus once again on his business and philanthropic endeavours. The London Court’s ruling brings to a close nearly a decade of legal action. There are no further cases against the Sheikh anywhere in the world.

Reflecting on the situation, Sheikh Mohamed said, “These cases were intended to distract me and to damage my reputation. I hope that lessons have been learned by those who would do me harm. I will never hesitate to defend myself and my good name”.


Background

The MBI Group is a conglomerate founded by Sheikh Mohamed in the early 1980s. The Group owns a string of luxurious golf resorts in Portugal, hotels in other European countries, and a food processing company in the Middle East, amongst other assets.

Sheikh Mohamed is the sole benefactor of the MBI Al Jaber Foundation which has supported various good causes for more than 20 years. He has supported the Middle East Institute at SOAS for over 20 years, as well education and health improvement programs in Middle East and Europe. Over 4,000 young people have benefitted from educational opportunities provided by the Sheikh’s foundation. Considerably ahead of his time, Sheikh Mohamed funded the Olive Tree Project which sought to foster conflict resolution and reconciliation in the Middle East.

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