Saudi Bank Seeks to Seize New York Condo Owned by Khashoggi
A Saudi Arabian bank filed a lawsuit in Manhattan federal court Thursday seeking to seize a posh Manhattan condominium owned by jailed Saudi financier Adnan Khashoggi.
The National Commercial Bank, headquartered in Jeddah, claimed that Khashoggi borrowed $22.75 million from the bank in August, 1986, but has failed to pay the interest or any of the principal and now owes $28.6 million.
Named as defendant is AKorp NV, a Netherlands Antilles corporation controlled by Khashoggi.
The condominium is in the Olympic Towers on Fifth Avenue. Both the apartment and other assets of Khashoggi, including bank accounts and interests in other businesses, were frozen by federal authorities after he was indicted together with Ferdinand Marcos, the former Philippine president.
Khashoggi, whose wealth was once estimated to be as high as $4 billion, is currently in a Swiss jail awaiting a decision on a request by the U.S. government that he be extradited to face racketeering charges in the Marcos indictment.
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