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The future ownership of a planned £100 million London supermansion is at the heart of a legal row involving one of Pakistans leading political dynasties.
Senator Waqar Ahmed Khan, the former Pakistani minister for privatisation, and four members of his family have been embroiled in a lengthy battle with Deutsche Bank over the property in the north London street known as billionaires row.
The case, which comes to trial at the Commercial Court today, centres on a five-bedroom house called Dryades on a 1.5 acre site in The Bishops Avenue, where residents include the Sultan of Brunei and the Saudi royal family.
The Khan family bought the house in 2007 and in 2009 won planning consent to demolish it and replace it with a 45,000 sq ft residence that would be one of the biggest in London.
Planning documents lodged with Barnet council show that the house will have 21 bedrooms, an orangery, a basement with swimming pool, cinema, sauna room, billiard room and bowling alley and a car lift. But the bank has applied to repossess the property, as well as six Knightsbridge apartments worth a further £40 million, in a bid to recover a £50 million loan to Mr Khan.
The loan was said to be in default because the property it was secured on was worth less than the outstanding amount. Mr Khan, a prominent figure in the Pakistan Peoples Party and once the youngest senator, has in turn made a counter claim against Deutsche Bank (Suisse), its Geneva-based investment arm.
The family argues that the bank mis-sold financial products to them and withheld £11 million of the loan that prevented them from pressing ahead with The Bishops Avenue development. The Khans argue that the opportunity to buy and develop the property was brought to them by Deutsche private banker Nassim Ahmad a close trusted adviser and senior banker to the Khan family.
In the papers the Khans claim that Deutsche breached its contractual obligations in failing to advance the full amount. As a result they claim they have had to liquidate certain investments and incur losses. None of the parties was available for comment. Local estate agents also would not comment.
Political dynasty in court battle with bank over £100m mansion - London - News - London Evening Standard
Gulzar Ahmad Khan, who till recently had the distinction of being a member of the upper house along with his sons Waqar Ahmad Khan and Ammar Ahmad Khan, tops the list of indebted lawmakers in the house. He has financial liabilities of Rs1.97 billion with the net worth of his declared assets (which include land in DI Khan and cash in hand and in bank accounts) at only around Rs3 million. Ammar Ahmad Khan, who recently retired from the Senate, has liabilities of Rs1.153 billion. He has declared the worth of investment in WAK Group at Rs1.107 billion. He owns parts of four properties in Gulberg, Lahore, valuing Rs43 million and investment of Rs4.5 million in stocks.
Waqar Ahmad Khan, former minister for investment, also has liabilities of Rs8.8 million while the declared value of his assets is around Rs9.6 million.
Super rich senators of the poor nation
Senator Waqar Ahmed Khan, the former Pakistani minister for privatisation, and four members of his family have been embroiled in a lengthy battle with Deutsche Bank over the property in the north London street known as billionaires row.
The case, which comes to trial at the Commercial Court today, centres on a five-bedroom house called Dryades on a 1.5 acre site in The Bishops Avenue, where residents include the Sultan of Brunei and the Saudi royal family.
The Khan family bought the house in 2007 and in 2009 won planning consent to demolish it and replace it with a 45,000 sq ft residence that would be one of the biggest in London.
Planning documents lodged with Barnet council show that the house will have 21 bedrooms, an orangery, a basement with swimming pool, cinema, sauna room, billiard room and bowling alley and a car lift. But the bank has applied to repossess the property, as well as six Knightsbridge apartments worth a further £40 million, in a bid to recover a £50 million loan to Mr Khan.
The loan was said to be in default because the property it was secured on was worth less than the outstanding amount. Mr Khan, a prominent figure in the Pakistan Peoples Party and once the youngest senator, has in turn made a counter claim against Deutsche Bank (Suisse), its Geneva-based investment arm.
The family argues that the bank mis-sold financial products to them and withheld £11 million of the loan that prevented them from pressing ahead with The Bishops Avenue development. The Khans argue that the opportunity to buy and develop the property was brought to them by Deutsche private banker Nassim Ahmad a close trusted adviser and senior banker to the Khan family.
In the papers the Khans claim that Deutsche breached its contractual obligations in failing to advance the full amount. As a result they claim they have had to liquidate certain investments and incur losses. None of the parties was available for comment. Local estate agents also would not comment.
Political dynasty in court battle with bank over £100m mansion - London - News - London Evening Standard
Gulzar Ahmad Khan, who till recently had the distinction of being a member of the upper house along with his sons Waqar Ahmad Khan and Ammar Ahmad Khan, tops the list of indebted lawmakers in the house. He has financial liabilities of Rs1.97 billion with the net worth of his declared assets (which include land in DI Khan and cash in hand and in bank accounts) at only around Rs3 million. Ammar Ahmad Khan, who recently retired from the Senate, has liabilities of Rs1.153 billion. He has declared the worth of investment in WAK Group at Rs1.107 billion. He owns parts of four properties in Gulberg, Lahore, valuing Rs43 million and investment of Rs4.5 million in stocks.
Waqar Ahmad Khan, former minister for investment, also has liabilities of Rs8.8 million while the declared value of his assets is around Rs9.6 million.
Super rich senators of the poor nation
