Kingdom Holding Company (KHC) and Chairman HRH Prince Alwaleed Bin Talal announce a series of noteworthy legal victories in a UK Court case filed to recoup hidden and undisclosed financial payments received by Cedar Capital Partners LLC. The lawsuit had been filed on behalf of FHR European Ventures – a joint venture of KHC, Fairmont Hotels and Resorts, Inc. and Bank of Scotland (now HBOS).
In overcoming legal obstacles and winning the right to recover the hidden payments, Prince Alwaleed has reaffirmed his strong belief in transparent and ethical business practices and has not wavered in his efforts to seek justice on behalf of the shareholders of FHR European Ventures.
The lawsuit sought recovery of a €10 million “secret commission” wrongfully gained by Cedar Capital Partners LLC and its President, Mr. Ramsey Mankarious at the expense of the shareholders of FHR European Ventures during the sale of the Monte Carlo Grand Hotel in Monaco. The court ruled in favor of FHR in a final and un-appealable judgment against Mr. Mankarious and his companies in 2011. The judgment required Cedar Capital Partners LLC to repay the secret payments but the company had become insolvent.
Prince Alwaleed then led the joint venture partners to seek recovery of the funds in a UK Appeals Court by arguing that Cedar Capital Partners LLC had held the funds “in trust” for FHR. The Appeals Court agreed and granted the appeal in early 2013, effectively ruling the original judgment could be enforced against anyone who subsequently received any part of those monies, in particular Mr. Mankarious.