LawFuel – The Law Newswire – The Times reports that a billionaire trader who is one of the world’s most prolific gamblers has won a £60m High Court battle with the Iranian military over a missing aeroplane.
Fouad al-Zayat – known in casinos across the world as the “Fat Man” – was accused by the Iranians of taking payment for a luxurious jumbo jet which was never delivered.
Mr al-Zayat claimed that he had failed to deliver the plane, meant for use by the country’s President, because of a dispute over money.
The disclosure will drag the shy Mr al-Zayat into the limelight once again. The Syrian born entrepreneur, who is said to have gambled more than £200m, was reluctantly exposed to publicity in March when he was successfully sued by Aspinalls casino over a £2m gambling debt.
The case also shows that despite the kidnapping of British soldiers last month, the Iranian Government still uses the British courts to settle costly disputes.
Jason McCue, Mr al-Zayat’s solicitor, said that the British courts should not be used by the Iranian Government to settle costly and needless disputes.