7th of August 2011 Author: Johnny Karp
Royal family not to be happy with such development
It is highly likely that Sheikh Al Khalifa will be facing some fellow-royal reprimand due to the UK and Bahraini court orders enforcing a GBP240,272 betting debt owed to the UK-based financial and sports spread betting company, Spreadex.
Since the debt was not paid by June 30, the sheikh's share in a Bahraini royal palace is considered forfeit. Only members of the royal family are permitted to hold shares in such palaces, but in April Spreadex decided to take a share in the palace through a 'charging order' granted by UK and Bahraini courts.
Now, due to the fact that the deadline has expired, the company is entitled to sell off Al Khalifa's interest in the palace, unless other royals buy it out. And even though the Bahraini authorities claim not to know Al Khalifa, court documents show that his UK address is actually their London embassy. The next move is his passport confiscation, for which an application has already been made.
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