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.
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