Giza Systems Acquires VAS Integrated Solutions LLC (VIS), Bull Group’s Leading Storage Distributor and Integrator in the Egyptian Market

4154Kingdom Hotels International (KHI), which is owned by Kingdom Holding Company, chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud, has been vindicated in a historic legal decision by the Supreme Court of the United Kingdom. The landmark ruling, dated July 16, 2014, upholds the right of KHI and its co-investors in FHR European Ventures LLP, to recoup hidden and undisclosed financial payments that were received by Ramsey N. Mankarious’ company, Cedar Capital Partners LLC, in connection with the sale of the Monte Carlo Grand Hotel in Monaco. In a unanimous decision, the UK Supreme Court established, once and for all, the English law on the full extent of the liability of agents who breach their fiduciary duties, which had been an unresolved issue for nearly two hundred years.

Prince Alwaleed stated, “This decision affirms my strong belief in transparent and ethical business practices and the importance of pursuing remedies all the way to the highest courts in order to punish any deviation from such commercial standards.” Prince Alwaleed added, “I personally believe that the behavior here was so egregious that one must aggressively pursue it by all available legal remedies in order to strengthen international corporate conduct.”

Based upon this definitive legal ruling by the UK Supreme Court, Prince Alwaleed will now lead FHR European Ventures LLP, in pursuing Mr. Mankarious personally to disgorge the proceeds of the undisclosed fee that he received personally as well as Cedar Capital LLC, for all legal costs owed.

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