Welcome to my private journal generally on Brunei issues. Any opinions expressed are in my personal capacity. All rights to the articles are reserved.

Sunday, September 21, 2008

Claims in Jersey

[Note: This article written by Ben Quérée was published in the Jersey Evening Post on 20th September 2008]

ATTEMPTS to reclaim billions of dollars worth of assets allegedly stolen by the younger brother of the Sultan of Brunei have reached Jersey’s Royal Court.

The case involves the Sultan – one of the world’s wealthiest men – and his younger brother Prince Jefri who used to be the oil-rich country’s Minister of Finance.

The Prince has been ordered by the court to hand over shares in Karinska Ltd held by Fidelis Nominees Ltd and Rostand Nominees Ltd, and shares in Greencap Ltd held by Premier Circle Ltd, Second Circle Ltd and Third Circle Ltd.

Prince Jefri was accused in February 2000 of ‘misappropriation and misapplication’ of more than $15 bn worth of state assets.

But he agreed a deal in May that year to return the assets in return for immunity from any criminal or civil action.

However, although some assets were returned over the following year – and some valuable diamonds were handed over in 2007 – there are still many billions worth of assets outstanding.

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