Businessman Fouad al-Zayet has won a high court battle over his £2million blackjack debt.
After a controversial High Court appeal, billionaire businessman and renowned international gambler Fouad al-Zayet was yesterday cleared of £2million worth of gambling debt.
al-Zayet, known in certain circles as ‘Fat Man’, has earned a reputation for extravagant spending and is known to be 1 of 180 so called ‘whales’ who frequently bet over £1million a night at casino tables.
The arrears in question were accumulated by al-Zayet in March, 2000 during a single evening of blackjack at exclusive casino Aspinall's Club in London. When, after a disagreement about the croupier dealing his hand, he cancelled the £2million cheque given to the casino to cover his evening’s losses.
He is said to have wagered a total of £91.5million at the casino, losing more than £23.2million at the Aspinall's tables during the 12 years he frequented the establishment.
After almost a year of non-payment the casino broached the subject with al-Zayet. He however asked for more time to fulfill the debt, claiming that he was experiencing a ‘financial low’.
Not wanting to lose such a lucrative client, Aspinall's agreed to give al-Zayet 12 months grace to settle the outstanding while the croupier dispute was resolved. However, to their detriment, they also allowed the ‘whale’ to continue playing at the casino on the promise that his winnings would be used to clear the £2million.
It was this year-long 'loan' that got al-Zayet off the hook when Aspinalls finally took him to court for non-payment, issuing a freezing order on his £160,000 Rolls Royce and personal Boeing 747 in the process.
While Fouad was initially instructed by the courts to hand over the £2million owed to the casino in addition to £50,000 for legal costs, after a successful appeal by the businessman this demand has now been revoked.
At the suggestion of al-Zayet’s legal team, the High Court yesterday found the Mayfair casino to be in breach of the 1968 Gaming Act; conceding that the 12 month grace period offered by Aspinall's actually amounted to illegal gambling credit. Consequently, ‘Fat Man’ was freed from the £2million he owed.
This ruling has come as a surprise to the high-end gambling industry who are said to customarily extend credit of this nature to profitable clients.
al-Zahet commented on the issue: "Casinos give a service, and if the service is not good, considering the price which you are paying, then you do not pay."
"If you go to a restaurant and you do not like the food, you do not pay. If you go to the whorehouse and do not get the pleasure you were seeking, you do not pay."
