FIG Sues Saudi Royalty Over $95M Contract Breach

By Allison Grande

Law360, New York (November 19, 2009, 4:22 PM ET) -- Real estate investment company FIG Global LLC has accused the executives of international investment banking company Royal Holdings LLC of cheating it out of more than $94.8 million by defaulting on a joint agreement to purchase prestigious resort properties in Portugal.

FIG alleges that Royal Holdings CEO Sultan Alshaie, who claims to be part of the Saudi royal family, and his associates Nasir Alshaie, Ahmed Alshaie and Bernard Otremba-Blanc, who claims to be an honorary German consul, have engaged in deceptive practices to draw investors into...
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