Fouad al-Zayat
Fouad al-Zayat | |
|---|---|
| Born | 1941 |
| Died | 2018-03-26 |
| Occupation(s) | Entrepreneur, investor, gambler |
| Known for | Founder of Mortimer Off Shore Services Ltd., high-stakes gambler, lobbying controversy |
Fouad al-Zayat (1941 – 26 March 2018) was a Syrian billionaire entrepreneur, investor, and avid gambler. He established multiple enterprises, among them Mortimer Off Shore Services Ltd., which is currently overseen by his son and son-in-law.
Al-Zayat petitioned the U.S. Supreme Court to reclaim approximately $8 billion linked to German bonds that defaulted under Adolf Hitler's regime prior to World War II.
In connection with the Greek corruption proceedings, al-Zayat was convicted in absentia, receiving a life sentence for bribery along with a 17-year term for money laundering offenses.
Lobbying controversy
In 2003, al-Zayat was engaged by Iran to facilitate the acquisition of a luxury jumbo jet intended for the Iranian president. Nevertheless, this transaction was prohibited under the Iran and Libya Sanctions Act (ILSA).
He held meetings with U.S. Congressman Bob Ney as well as lobbyists Roy Coffee and David DiStefano. According to the U.S. Department of Justice, Ney accepted thousands of dollars worth of complimentary casino chips from al-Zayat. Coffee and DiStefano acknowledged collaborating with Ney to pursue a government authorization that would permit al-Zayat to supply airplane components to Iran despite existing sanctions; however, such approval was never issued.
Subsequently, Bob Ney confessed to aiding al-Zayat and received a prison sentence of two and a half years after pleading guilty to exchanging political favors for financial benefits and gifts.
In 2007, the Iranian military initiated legal action against al-Zayat over non-delivery of the aircraft, citing disagreements regarding payment. Al-Zayat prevailed in a High Court case in London, securing £60 million against the Iranian military concerning the undelivered plane.
Gambling
Renowned as a significant high-stakes gambler, al-Zayat wagered £91.5 million at Aspinall's casino in Mayfair between 1994 and 2006, incurring losses amounting to £23.2 million. In 2006, Aspinall's filed a lawsuit seeking £2 million plus costs related to blackjack debts from the year 2000. Although initially mandated to pay, al-Zayat overturned this judgment on appeal in 2008 when it was ruled that the credit extended violated provisions of the Gaming Act.
Personal life
Al-Zayat was survived by six grandchildren. He died in 2018 after battling cancer.