Former Zain Saudi Arabia chair facing UK jail time

Prince Hussam Bin Saud Bin Abdulaziz Al Saud, a former Zain Saudi Arabia chair, faces a year in prison for violating UK contempt laws.
Zain, Saudi Arabia, UK, Law, Court, Business, Dispute, Legal

Share

A former Zain Saudi Arabia chair could be heading to prison in the UK.

A London judge last week said Prince Hussam Bin Saud Bin Abdulaziz Al Saud, a former Zain Saudi Arabia chair, should be sent to prison for a year for violating contempt laws – the latest move in a legal drama over a loan agreement worth several hundred million dollars.

The saga began in 2010, when a dispute between Kuwait-based operator Zain and Bin Abdulaziz Al Saud led to a private arbitration hearing in London, which Bin Abdulaziz Al Saud lost when he was ordered to pay US$500 million. However, he pursued separate legal proceeedings in Saudi Arabia, ignoring UK court orders to stop.

Bin Abdulaziz Al Saud did not attend last week’s hearing.

“Prince Hussam has simply decided that he does not wish to engage with the English court in any way, shape or form,” Judge Richard Jacobs said at the hearing, as reported by Bloomberg.

Bloomberg also reported one of Bin Abdulaziz Al Saud’s Saudi lawyers, Yasser Almesned, as saying after the ruling that the dispute doesn’t belong in Britain.

Bin Abdulaziz Al Saud would only go to jail if he were in the UK.

Almesned also said a Riyadh court “issued its judgment in favour of Prince Hussam.”

Lawyers for Zain had argued for the prince to be sent to jail.

The 2010 loan agreement was signed in the name of Bin Abdulaziz Al Saud’s Saudi Plastic Factory. But an arbitration tribunal found the prince was contracting individually, according to one of Zain’s lawyers. He added the amount due has not been paid.

REGISTER NOW | Webinar Event | Security you can bank on – Safeguarding the Middle East’s financial sector

Presented in partnership with security and network specialist Cybereason, the second in the three part webinar series will bring together a panel of experts to discuss how banks and financial institutions are evolving their service offering while simultaneously staying one step ahead of the cyber criminals who seek to bring their operations crashing to the ground.

Editor's Choice

Emerson expands analytics platform for industrial enterprise-level wireless infrastructure management
Plantweb Insight platform adds two new Pervasive Sensing applications that manage wireless networks more efficiently with a singular interface to the enterprise
Digitalisation seen as a competitive advantage by Middle East private businesses
Nearly 80 per cent of private business leaders acknowledge that digitalisation can impact business sustainability
Etisalat introduces Multi-Access Edge Computing architecture delivering best-in-class video streaming performance for 5G networks
MEC architecture achieves performance gains of as much as 90% in video streaming, validating how ultra-low-latency applications will be delivered over 4G and 5G networks

Most popular

Don't Miss a Story