Name: Sheikh who installed Evian water tanks at mansion accused of ‘reckless extravagance’ in lawsuit
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Sheikh who installed Evian water tanks at mansion accused of ‘reckless extravagance’ in lawsuit

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A blockbuster case making its way through the London High Court is shedding light on the finances and extravagant, secretive lifestyle of the world’s fourth richest royal.Sheikh Khalifa bin Zayed al-Nahyan, the Emir of Abu Dhabi, is suing Lancer Property, an estate management company that ran his $7 billion London property empire for 16 years until 2017, claiming the firm siphoned off over $40 million from the estate.Lawyers for the Sheikh’s companies, according to the , claim Lancer Property’s fees were “excessive” and that there was a “dishonest arrangement” with the former head of the Sheikh’s private office.Lancer, including founder Andrew Lax, deny the allegations and are countersuing for $16 million in unpaid fees for managing 140 properties in London’s wealthiest neighborhoods, as well as other properties around the world — claiming the Sheikh was an inveterate and compulsive spender.The High Court heard about “reckless extravagance” regarding the Sheikh’s assets which include about 140 properties in the most affluent areas of London, including Mayfair, Marylebone, Knightsbridge and Kensington.Among the claims the court heard, which were recounted in the Daily Mail:Since suffering a stroke in 2014, Sheikh Khalifa ceded day-to-day control of the UAE’s affairs to his half brother, Sheikh Sheikh Mohammed bin Zayed Al Nahyan, known by his initials MBZ, who is the Crown Prince of Abu Dhabi. A similar situation is happening in Saudi Arabia where King Salman has ceded day-to-day control to his son and heir Mohammed bin Salman, known as MBS.MBS has also tried to publicly crackdown on excesses while secretly spending billions on , , and other luxuries.

A blockbuster case making its way through the London High Court is shedding light on the finances and extravagant, secretive lifestyle of the world’s fourth richest royal.Sheikh Khalifa bin Zayed al-Nahyan, the Emir of Abu Dhabi, is suing Lancer Property, an estate management company that ran his $7 billion London property empire for 16 years until 2017, claiming the firm siphoned off over $40 million from the estate.Lawyers for the Sheikh’s companies, according to the , claim Lancer Property’s fees were “excessive” and that there was a “dishonest arrangement” with the former head of the...

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Sheikh who installed Evian water tanks at mansion accused of ‘reckless extravagance’ in lawsuit

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