Saud Al-Thani update

At this point it doesn't look like a matter of whether but of how much:

Sheikh Saud Al-Thani, the world’s biggest collector, embezzled millions of pounds from the State of Qatar using invoices issued by London dealer Oliver Hoare. The Sheikh, who has been under investigation for misappropriating public funds, used documents bearing the letterhead of Mr Hoare’s company, Oliver Hoare Limited, to obtain fraudulent payments from Qatar’s National Council for Culture, Arts and Heritage (NCCAH) while serving as its chairman.

"Millions" is certainly rather an understatement, inasmuch as but three items traced were marked up £16 million, and there are many, many more transactions under investigation.

The Sheikh remained in prison for just over two months but is now believed to have been released. The Art Newspaper understands that he is unlikely to be charged and has probably struck a deal with the Emir to avoid further prosecution. This may involve the transfer of parts of the Sheikh’s extensive private collection to the ownership of the NCCAH.

Full story here.

Posted by David on May 26, 2005 6:51 PM