Net closes in on Qatari businessman facing $4bn debt judgment

Sheikh Fahad is a member of prominent trading family that is playing a big role in the 2022 World Cup

Al Gharafa FC players with officials. The club was founder by the brothers of Sheikh Fahad bin Ahmad. Getty Images

A Qatari businessman whose family members are closely linked to the country’s 2022 World Cup plans has refused to pay a $4 billion debt despite losing a series of legal actions.

The last opportunity for Sheikh Fahad bin Ahmad Al Thani to appeal is due to expire at the end of this month as British and US investors seek to claw back an 11-year debt from the businessman and his Fast Trading Group.

Christopher DeLise, the US-based director of Delta Capital Partners, told The National that the failure to hand over the funds called into question Qatar's commitment to uphold international legal judgments.

The Fast Group director is the brother of Khalid, Jassim and Hamad, founder members of Al Gharafa FC, a prominent local club.

Its home ground, Thani bin Jassim Al Gharafa Stadium, recently hosted the Asian Champions league.

Jassim bin Thamer, a cousin, is the president of the club. Sheikh Fahad's mother, Noor, was a close relative of the current emir, Sheikh Tamim.

Mr DeLise said he had personal assurances from Qatar’s Attorney General Ali bin Mohsen that the case would proceed without fear or favour.

“We have purposely avoided implicating other members of the royal family [in connection with] this individual or the World Cup [but] this individual did not act alone; he continued to work with senior members of the royal family,” he said.

“I was told personally by the attorney general of Qatar ‘you’ll get justice through the court system’.

"But this draws a spotlight on the world stage that you can’t get justice by making arguments in Qatar’s courts.”

A British High Court made the award against Sheikh Fahad in 2018 and ruled that the sum due was likely to be $6bn after taking interest into account.

That judgment was accepted by the Qatari court system the following year and the judges said the businessman’s assets had been frozen.

At the end of October, the country’s court of appeal said it could not reverse the full recognition of the UK judgment and that it had validity under Qatari law.

“We have tried to persuade Qatar through diplomatic means as well as through direct negotiations, but I have to say implementation of international rulings by Qatar does not seem to be what they claim,” Mr DeLise said.

Seized funds should be turned over to creditors right away, he said.

“It has now been more than a year and nothing is been turned over,” Mr DeLise said.

Delta believes it can now establish that Sheikh Fahad owns assets in the UK.

As frustration mounts with the lack of action – the loans were first extended by an Anglo-Spanish private office to fund the expansion of the Qatari business – Mr DeLise plans to return to legal action in the UK.