SHAFAQNA (Shia International News Association) — A U.S. newspaper publishes on Sunday that Prince Abdel Aziz secretly invested billion dollars in real estate portfolio in the United States.
Court documents that show that Prince Abdel Aziz and a relative of his Sheikh Khaled Al Assaf have set up a property portfolio over the past 15 years, throughout the United States, from the offices of the company «BAE» in Reston, Virginia, near the capital Washington, to the headquarters of the television company Stars in California, were revealed.
And the newspaper said that the giant British oil company «BP» and the British arms company «BAE Systems» are among the tenants in the property associated with the Prince Abdul Aziz bin Fahd.
Prince Fahd and Sheikh Khaled also purchased two of the four buildings in the office complex in Houston, Texas, used by British oil company «BP» as its headquarters in the United States.
It was added that David Hill, a real estate trade agent, testified in court that the owner retained the ownership of the real estates through a complex network of foreign and U.S. companies, and that Prince Abdel Aziz and his partners have made a profit of $ 379 million through buying and selling real estate in the United States since 1996, and still have 15 communities in 9 states have paid 978 million U.S. dollars to buy them.
A lawsuit in the Supreme Court of New York was filed against Hill and his business partner Howard Halangrin for mismanaging the real estate portfolio and earning unapproved wages.
Prince Abdel Aziz, the youngest son of King Fahd, has a personal fortune estimated at several billions of dollars and few government responsibilities. His lifestyle was criticized earlier in another court in New York where one of his entourage was convicted of raping a woman in a fancy hotel where the prince had rented 50 rooms. — www.shafaqna.com