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Sheikh Al Khalifa makes expensive bet
Tuesday July 12, 2011 : Fellow royals are unlikely to be happy with this Bahraini sheikh
Sheikh Al Khalifa is unlikely to be popular with other members of the Bahraini royal family following UK and Bahraini court orders enforcing a GBP240,272 betting debt owed to the UK-based Spreadex company, a financial and sports spread betting organisation.
The Ahul Bayt news agency reports that unless the debt was paid in full by June 30, the sheikh's share in a Bahraini royal palace is forfeit. Only members of the royal family are permitted to hold shares in such palaces, the agency reports.
Spreadex moved in April to take a share in the palace through a ‘charging order’ granted by UK and Bahraini courts to the bookmaker.
With the deadline passed, the company is now within its rights to sell off Al Khalifa’s interest in the palace, unless other royals holding a share in the property stump up to buy out Al Khalifa's share.
The Bahraini authorities claim not to know Al Khalifa, but court documents show his UK address to be their London embassy. Application has been made for his passport to be seized.
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