Fouad al-Zayat
Fouad al-Zayat (1941 - 2018) was a Syrian businessman, investor and gambler. He founded various companies including Mortimer Off Shore Services Ltd. (now run by his son and son-in-law). He died in 2018 due to cancer.[1]
al-Zayat requested the assistance of the U.S. Supreme Court in securing a payment of approximately $8 billion on German bonds that Adolf Hitler ordered into default prior to the Second World War.[2]
According to Reuters, during the Greece corruption trails al-Zayat was "tried in absentia and sentenced to life for bribery and 17 years for money laundering".[3]
Lobbying controversy
In 2003, Fouad al-Zayat was commissioned by the Islamic Republic of Iran to help purchase a luxurious jumbo jet to be used by the Iranian president.[4] However, the Iran and Libya Sanctions Act (ILSA) prohibited the sale.[5][6]
al-Zayat met with U.S. congressman Bob Ney and lobbyists Roy Coffee and David DiStefano. According to the U.S. Justice Department, during those meetings Ney accepted “thousands of dollars worth of free casino chips” from al-Zayat. Roy Coffee and David DiStefano confirmed that they worked with Ney to seek a special government permit to let al-Zayat "sell plane parts to Iran despite U.S. trade sanctions.” However, the permit never was awarded.[7][8]
Bob Ney later admitted to helping al-Zayat, and was subsequently sentenced to two-and-a-half years in jail after “pleading guilty to trading political favours for money and gifts.”[9]
In 2007, the Iranian military took al-Zayat to court for failing to deliver the aircraft. Al-Zayat claimed he had not delivered the plane “because of a dispute over money.” Consequently, al-Zayat won a £60m High Court battle with the Iranian military over the missing airplane.[10]
Gambling
al-Zayat is also known for his lavish gambling and is considered a whale in the casino industry. Between 1994 and 2006 al-Zayat wagered £91.5 million at the Mayfair club Aspinall's and lost £23.2 million. In 2006, Aspinall's sued al-Zayat for £2 million plus £50,000 in costs due to gambling debts incurred from blackjack losses in 2000.[11][12] al-Zayat was court ordered to pay the debt, but later appealed. The appeal was successful and the ruling was overturned in 2008 under the pretense that the credit given was unlawful under the Gaming Act.[13]
Personal life
al-Zayat has 6 grandchildren[citation needed]
References
- ^ "Fouad al-Zayat, wanted in Cyprus, quietly buried on the island after his death in Lebanon". Cyprus Mail.
- ^ Westbrook, Jesse (16 February 2011). "Al-Zayat Takes $8 Billion German Bond Claim to U.S. High Court". Bloomberg.com. Retrieved 2016-03-17.
- ^ Editorial, Reuters (2015-02-11). "Cypriot ex-minister and son jailed in Greece over arms kickbacks: court". Reuters. Retrieved 2016-03-17.
{{cite web}}:|first=has generic name (help) - ^ "Billionaire gambler sued by Iran in UK court". The Times.
- ^ "A Lawyer In Trouble". D Magazine.
- ^ "Congressman Linked to Abramoff Is No Stranger to Lobbyists". LA Times.
- ^ "Ohio Rep. Bob Ney Admits Guilt in Corruption Probe". Fox News.
- ^ "'Fat Man' gambler who refused to honour £2m debt is told to pay up". Evening Standard.
- ^ "The Fat Man's US gamble backfires". The Guardian.
- ^ "Billionaire gambler sued by Iran in UK court". The Times.
- ^ Moore, Malcolm (6 March 2007). "No more London bets for me, says The Fat Man". Telegraph.co.uk. Retrieved 2016-03-17.
- ^ Barnett, Antony (2007-03-03). "The Fat Man's US gamble backfires". the Guardian. Retrieved 2016-03-17.
- ^ Beth Hale (2008-09-04). "Billionaire gambler they called the 'Fat Man' wins court bid to avoid paying £2m casino debt for 'unfair game'". Mail Online. Retrieved 2016-03-17.