Freeford Ltd. owned by Saudi billionaire has filed lawsuit to return 4.75 million USD investment

Multimillion dollar lawsuits against a US expatriate have been filed by two Saudis.   Investments poured into Lane Pendleton’s company, which then went bust. So, Prince Fahad Abdullah Mohammed al-Saud, Saudi Arabia’s assistant minister of defence and aviation, and Sheikh Mohammed Hussein al-Amoudi, one of the richest people in the world, are suing the US expatriate.

Prince Fahad is the owner of a Swiss-based investment company Alliance.

As to a billionaire Sheikh al-Amoudi, Freeford – a company in the British Virgin Islands – is his investment vehicle. In accordance with Forbes magazines’ data, his net is worth abound 6.9 billion USD. Sheikh al-Amoudi was born in Ethiopia and is a Saudi citizen now. He made his fortune in real estate and construction before betting on Moroccan and Swedish oil refineries. Svenska Petroleum is his company that conducts oil exploration from the Nordic shelf to the Ivory Coast. Also, Sheikh al-Amoudi is the largest private investor in Ethiopia (more than 1 billion USD invested), employing more than 15 000 people there.

Both Saudis consider that Pendleton fraudulently misrepresented Orient’s financial state and prospect to encourage them to invest in it. Alliance put in 8.65 million USD. As to Freeford, between November 2000 and September 2003, it turned over 4.75 million USD.

While two wealthy Saudis want to get their investments back, Pendleton insists that his claims were reasonable. Pendleton says that  he had no reason to doubt the considerations of Orient’s management. Also, he said that Orient failed because of Freeford’s not keeping its promise to inject another 2.25 million USD.

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