Latest news with #AbdullaAl-Humaidi
Yahoo
18-04-2025
- Business
- Yahoo
Revealed: ‘Dartford Disneyland' boss's string of fraud convictions
The bankrupt businessman behind the doomed 'Dartford Disneyland' has a string of criminal convictions for fraud and been accused of money laundering, it can be revealed. Abdulla Al-Humaidi, a Kuwaiti businessman based in London, was convicted in Kuwait of at least nine offences involving cheques that bounced, legal documents show. The total fraud amounted to over £21m. Al-Humaidi was sentenced to seven terms of three years in jail and two terms of two years, suggesting that he risked 25 years in prison if he returned to Kuwait. He said the 'sentences are reversible and misdemeanours, and the majority have been paid and quashed'. Kuwaiti court judgments support this claim. However, he accepted that he was the subject of a fraud charge brought against him in Kuwait in 2021 that was being contested by his lawyers. A judgment in that case claimed Al-Humaidi's family investment business had 'been subject to many fraudulent cases, [and] carried out money laundering operations'. Details were not given. The convictions and allegations have come to light in a legal battle over the fallout from the collapsed 'Dartford Disneyland', an ill-fated attempt to build a £3.5bn theme park near the Thames in Ebbsfleet. The project was set up over a decade ago and overseen by London Resort Company Holdings (LRCH), of which Al-Humaidi was the majority owner. The resort initially had the backing of Hollywood's Paramount Studios and Al-Humaidi hoped to build attractions based on classic films including The Godfather, aiming to rival the likes of Disneyland Paris. However, the project was plagued by setbacks, including the discovery of a rare spider that hampered development efforts. Administrators were ultimately called in two years ago and Al-Humaidi was declared bankrupt in London's High Court shortly after. LRCH was liquidated last month, leaving a trail of creditors owed an estimated £105m. Al-Humaidi said the theme park collapsed because 'the costs of the project exceeded the estimate provided to me'. The land earmarked for development was designated a Site of Significant Interest by Natural England seven years after the scheme was announced. 'This designation put multiple hurdles in the planning process, which delayed the development of the land and increased the costs of the land exponentially,' Al-Humaidi told The Telegraph. 'I invested a huge amount into this project, both personally and financially, which led to my bankruptcy.' Declared personally bankrupt by a UK court in November 2023, Al-Humaidi is currently facing forced bankruptcy. Lawyers acting for creditors have petitioned the court to extend the length of Al-Humaidi's bankruptcy, arguing that he has not fulfilled his obligations. Peter Shaw KC, acting for the bankruptcy trustees, claimed in court: 'Every request to evaluate the value of his assets and shares of his companies has been resisted.' Lawyers for Al-Humaidi insisted that he 'promptly provided answers to every question. There are limits to which documents are entitled'. However, Judge Prentis ruled that Al-Humaidi had not offered 'full cooperation with the trustees' and last week granted an extension of the bankruptcy terms until Nov 6. The judge noted the Kuwaiti tycoon's stated monthly income was only £2,000 and yet he has been living in a rented luxury apartment on Ebury Street, Belgravia, central London. 'This is inconsistent for someone leading the lifestyle he seems to live,' he said. Al-Humaidi also failed to provide receipts for his business expenses and income paid into his bank account when the balance became low, the judge noted. 'There are significant assets that require investigation,' he concluded. Separately, Paramount has sued LRCH for £13.5m over unpaid debts and alleged in its legal claim that the company 'ceased to trade and is now disposing of its assets to put them out of reach of the creditors'. Despite being an undischarged bankrupt, Al-Humaidi instructed solicitors when Paramount sought to have LRCH placed into liquidation. Solicitors from law firm Judge Sykes Frixou involved in the case ultimately withdrew after the judge hearing the case pointed out it was a criminal offence for an undischarged bankrupt to be involved with the management of a business without the court's permission. Al-Humaidi is currently being advised by lawyers who specialise in insolvency cases. He refused to comment on his personal bankruptcy or the situation facing the creditors of LRCH. The Kuwaiti arrived in the UK in 2014 with promises of significant investment, winning the backing of ministers and government grants. Al-Humaidi's investment in the 'Dartford Disneyland' project came after he rescued nearby non-league football club Ebbsfleet United. He first invested in LRCH in 2013 and four years later was joined on the board by his brother Dherar Al-Humaidi. Lord Norris, a former Conservative transport minister and candidate for mayor of London, became chairman of LRCH. The late Formula 1 team owner Eddie Jordan also joined the board of one of Al-Humaidi's companies. The Kuwaiti tycoon set up London Resort despite being found guilty of multiple frauds in his native country between December 2018 and August 2021, according to court filings seen by The Telegraph. The documents state Al-Humaidi was convicted of at least nine offences involving the issuing of cheques to third parties that were later not honoured by his bank because of a lack of funds or account closure. When asked about the prison sentences, Al-Humaidi told The Telegraph: 'The convictions to which you refer are reversible judgments on payment of the outstanding amount and [are] not considered fraud and classified as misdemeanours. 'These sentences are reversible and misdemeanours, and the majority have been paid and quashed. This is a simple procedural matter and not equivalent to a criminal conviction in the UK.' In 2021, while Al-Humaidi managed UK investment companies and owned Ebbsfleet United, he was also found guilty by the Kuwaiti court of fraudulently selling a plot of land in the UK to a Kuwaiti company for £4.2m. When asked about this conviction, Al-Humaidi acknowledged the judgment, but said: 'This relates to a contracted land deal between me and an individual in Kuwait to purchase land in Kent for the building of housing. The land deal was properly executed in accordance with the law of England. 'Unfortunately, the Kuwaiti courts did not admit the Land Registry documents as evidence due to different and non-comparable forms of ownership in the two countries. There is no equivalent of the Land Registry in Kuwait.' The Kuwait judgment also stated that in February 2015, soon after his move to the UK, a police investigation established that £4.2m was paid into the bank accounts of Al-Humaidi's holding company, Kuwait European Holding, and to Ebbsfleet FC. 'Several arrest warrants, travel bans and prison sentences have been issued against him,' the judgment stated. 'And he has been convicted in similar cases of fraud and deception. 'It was found he always deludes his clients into investing their money in fictitious projects with the aims of stealing their money.' Mr Al Humaidi said he had successfully appealed against this conviction. While Al-Humaidi resigned as chairman of Ebbsfleet United FC, the club remains under family control. His brother, Dherar, is a director. Supporters of Ebbsfleet, which were recently relegated from the National League, await the publication of the club's new accounts next month. The most recent accounts, signed off by Dherar Al-Humaidi, revealed losses of £3.2m. The contentious fallout from the collapse of the London Resort theme park may serve as a cautionary tale for Sir Keir Starmer, who last week announced the development of 'Europe's biggest theme park' in Bedford, overseen by Universal Studios. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
18-04-2025
- Business
- Telegraph
Revealed: ‘Dartford Disneyland' boss's string of fraud convictions
The bankrupt businessman behind the doomed 'Dartford Disneyland' has a string of criminal convictions for fraud and been accused of money laundering, it can be revealed. Abdulla Al-Humaidi, a Kuwaiti businessman based in London, was convicted in Kuwait of at least nine offences involving cheques that bounced, legal documents show. The total fraud amounted to over £21m. Al-Humaidi was sentenced to seven terms of three years in jail and two terms of two years, suggesting that he risked 25 years in prison if he returned to Kuwait. He said the 'sentences are reversible and misdemeanours, and the majority have been paid and quashed'. Kuwaiti court judgments support this claim. However, he accepted that he was the subject of a fraud charge brought against him in Kuwait in 2021 that was being contested by his lawyers. A judgment in that case claimed Al-Humaidi's family investment business had 'been subject to many fraudulent cases, [and] carried out money laundering operations'. Details were not given. The convictions and allegations have come to light in a legal battle over the fallout from the collapsed 'Dartford Disneyland', an ill-fated attempt to build a £3.5bn theme park near the Thames in Ebbsfleet. The project was set up over a decade ago and overseen by London Resort Company Holdings (LRCH), of which Al-Humaidi was the majority owner. The resort initially had the backing of Hollywood's Paramount Studios and Al-Humaidi hoped to build attractions based on classic films including The Godfather, aiming to rival the likes of Disneyland Paris. However, the project was plagued by setbacks, including the discovery of a rare spider that hampered development efforts. Administrators were ultimately called in two years ago and Al-Humaidi was declared bankrupt in London's High Court shortly after. LRCH was liquidated last month, leaving a trail of creditors owed an estimated £105m. Al-Humaidi said the theme park collapsed because 'the costs of the project exceeded the estimate provided to me'. The land earmarked for development was designated a Site of Significant Interest by Natural England seven years after the scheme was announced. 'This designation put multiple hurdles in the planning process, which delayed the development of the land and increased the costs of the land exponentially,' Al-Humaidi told The Telegraph. 'I invested a huge amount into this project, both personally and financially, which led to my bankruptcy.' Declared personally bankrupt by a UK court in November 2023, Al-Humaidi is currently facing forced bankruptcy. Lawyers acting for creditors have petitioned the court to extend the length of Al-Humaidi's bankruptcy, arguing that he has not fulfilled his obligations. Peter Shaw KC, acting for the bankruptcy trustees, claimed in court: 'Every request to evaluate the value of his assets and shares of his companies has been resisted.' Lawyers for Al-Humaidi insisted that he 'promptly provided answers to every question. There are limits to which documents are entitled'. However, Judge Prentis ruled that Al-Humaidi had not offered 'full cooperation with the trustees' and last week granted an extension of the bankruptcy terms until Nov 6. The judge noted the Kuwaiti tycoon's stated monthly income was only £2,000 and yet he has been living in a rented luxury apartment on Ebury Street, Belgravia, central London. 'This is inconsistent for someone leading the lifestyle he seems to live,' he said. Al-Humaidi also failed to provide receipts for his business expenses and income paid into his bank account when the balance became low, the judge noted. 'There are significant assets that require investigation,' he concluded. Paramount sues Separately, Paramount has sued LRCH for £13.5m over unpaid debts and alleged in its legal claim that the company 'ceased to trade and is now disposing of its assets to put them out of reach of the creditors'. Despite being an undischarged bankrupt, Al-Humaidi instructed solicitors when Paramount sought to have LRCH placed into liquidation. Solicitors from law firm Judge Sykes Frixou involved in the case ultimately withdrew after the judge hearing the case pointed out it was a criminal offence for an undischarged bankrupt to be involved with the management of a business without the court's permission. Al-Humaidi is currently being advised by lawyers who specialise in insolvency cases. He refused to comment on his personal bankruptcy or the situation facing the creditors of LRCH. The Kuwaiti arrived in the UK in 2014 with promises of significant investment, winning the backing of ministers and government grants. Al-Humaidi's investment in the 'Dartford Disneyland' project came after he rescued nearby non-league football club Ebbsfleet United. He first invested in LRCH in 2013 and four years later was joined on the board by his brother Dherar Al-Humaidi. Lord Norris, a former Conservative transport minister and candidate for mayor of London, became chairman of LRCH. The late Formula 1 team owner Eddie Jordan also joined the board of one of Al-Humaidi's companies. The Kuwaiti tycoon set up London Resort despite being found guilty of multiple frauds in his native country between December 2018 and August 2021, according to court filings seen by The Telegraph. The documents state Al-Humaidi was convicted of at least nine offences involving the issuing of cheques to third parties that were later not honoured by his bank because of a lack of funds or account closure. When asked about the prison sentences, Al-Humaidi told The Telegraph: 'The convictions to which you refer are reversible judgments on payment of the outstanding amount and [are] not considered fraud and classified as misdemeanours. 'These sentences are reversible and misdemeanours, and the majority have been paid and quashed. This is a simple procedural matter and not equivalent to a criminal conviction in the UK.' In 2021, while Al-Humaidi managed UK investment companies and owned Ebbsfleet United, he was also found guilty by the Kuwaiti court of fraudulently selling a plot of land in the UK to a Kuwaiti company for £4.2m. When asked about this conviction, Al-Humaidi acknowledged the judgment, but said: 'This relates to a contracted land deal between me and an individual in Kuwait to purchase land in Kent for the building of housing. The land deal was properly executed in accordance with the law of England. 'Unfortunately, the Kuwaiti courts did not admit the Land Registry documents as evidence due to different and non-comparable forms of ownership in the two countries. There is no equivalent of the Land Registry in Kuwait.' The Kuwait judgment also stated that in February 2015, soon after his move to the UK, a police investigation established that £4.2m was paid into the bank accounts of Al-Humaidi's holding company, Kuwait European Holding, and to Ebbsfleet FC. 'Several arrest warrants, travel bans and prison sentences have been issued against him,' the judgment stated. 'And he has been convicted in similar cases of fraud and deception. 'It was found he always deludes his clients into investing their money in fictitious projects with the aims of stealing their money.' Mr Al Humaidi said he had successfully appealed against this conviction. While Al-Humaidi resigned as chairman of Ebbsfleet United FC, the club remains under family control. His brother, Dherar, is a director. Supporters of Ebbsfleet, which were recently relegated from the National League, await the publication of the club's new accounts next month. The most recent accounts, signed off by Dherar Al-Humaidi, revealed losses of £3.2m. The contentious fallout from the collapse of the London Resort theme park may serve as a cautionary tale for Sir Keir Starmer, who last week announced the development of 'Europe's biggest theme park' in Bedford, overseen by Universal Studios.
Telegraph
23-02-2025
- Business
- Telegraph
Taxpayer loses £5m on ‘Dartford Disneyland' disaster
The taxpayer lost £5m on a doomed attempt to create a £3.5bn Disneyland rival on the Thames Estuary, it has emerged. The Future Fund, the £1.1bn vehicle championed by Rishi Sunak that invested in more than 1,000 companies during the pandemic, has lost its whole investment after the company behind the theme park was wound up. The London Resort nicknamed the ' Dartford Disneyland ' was backed by the Hollywood giant Paramount and was the first commercial site in Britain to be designated as a nationally important infrastructure project. Due to be built in Swanscombe, Kent, and backed by the Kuwaiti tycoon Abdulla Al-Humaidi, it planned to build attractions based on classic films such as The Godfather and The Italian Job. However, the plans were partially scuppered by conservation campaigners and the discovery of a rare species of jumping spider around the site. Accounts for London Resort Company Holdings show that it received £5m from the Future Fund, the maximum investment the Covid-era vehicle could make in a company, in 2020. Under the terms of the fund, loans which were matched by private investors would then convert into equity stakes when a company later raised financing. The London Resort was added to a list of the fund's investments in 2023, indicating the taxpayer loan had been converted to shares in the company. Last month, the company was wound up by a judge after a protracted legal battle. Paramount had sued the company for unpaid debts and the company breached repayment agreements with creditors. The Future Fund did not make investment decisions but would match funding when companies raised funds from private sources. It was set up during the pandemic to provide support for loss-making start-ups that would not qualify for other support schemes. However, questions have since been raised about the design of the fund after it ended up with hundreds of stakes in companies such as a sex party organiser and Bolton Wanderers Football Club. The fund lent money to 1,192 companies. The latest figures published by the British Business Bank (BBB) show it has seen cash returns from 86, while the fund retains stakes in 680 companies. 309 have gone insolvent, while 117 still have loans outstanding. Figures from the Department of Business and Trade dating to last April show that the fund has made a paper loss of almost £250m. A BBB spokesman said: 'It would not be appropriate to comment on individual cases given commercial sensitivities however the Bank will always aim to secure value for money and to protect the taxpayers' interests.''
