Thursday, August 25, 2016

Saudi Envoy’s Lost Millions Show Shell Company Risk, Judge Says

Latest: Corruption and Money Laundering.

Saudi Envoy’s Lost Millions Show Shell Company Risk,Judge Says.


A lawsuit over the estate of a deceased Saudi diplomat shows the risks of wealthy people using shell companies and undocumented agreements to store assets, a London judge has warned.
Abdulrahman Mansouri, former assistant foreign minister of Saudi Arabia, allegedly transferred investments worth about $30 million to his niece shortly before his death in 2010. The administrator of Mansouri’s estate sought information about the transfers from two London investment firms, Acropolis Capital Partners Ltd. and Acropolis Capital Management Ltd., that refused to provide records.
Judge Robin Knowles ruled that Acropolis had a duty to give the administrator the information. The judge also made observations about the “obscure” ownership of Mansouri’s investments, including a property registered to a nominee company in Panama.

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