London Casino loses £7m claim against Arab bank
Grosvenor Casinos has been unsuccessful in attempting to recover £7 million worth of gambling debts from the bank of a high-rolling client.
Ahmed al-Reyaysa, a high-roller on the London casino scene, wrote two cheques worth £3.07 million and £3.6 million after his big loss playing roulette at Grosvenor’s Clermont Club in London’s prestigious Berkeley Square.
Grosvenor then sued Mr al-Reyaysa and won a repayment order but was unsuccessful in forcing Mr al-Reyaysa to pay his debt.
Grosvenor then tried to hit Mr al-Reyaysa at the source and went after his bank after they claimed that a NBAD employee told Grosvenor’s bank, Natwest, that they would honour the cheques. Grosvenor claims that NBAD have subsequently acted fraudulently and should be accountable for the debt.
However, a judge at London’s High Court has today dismissed the claim, terming the phone call between the banks a “confusion or misunderstanding rather than dishonesty”.
Mr Justice Flaux also disagreed with Grosvenor’s claim that even though there was no written agreement in place, there was an implied obligation under banking regulations to honour the debt.
Editor, Jackpot.co.uk - 2008-03-18 11:44:21