World News Desk!!! The fight between two members of Qatar’s royal family over a priceless diamond has now reached the High Court of London. Sheikh Hamad bin Abdullah Al Thani, a cousin of Ruler Sheikh Tamim bin Hamad Al Thani, is a renowned art collector.
A company run by Aamir’s cousin is trying to enforce its alleged right to buy the 70-carat gem.
What is the diamond controversy?
QIPCO, a company owned by Sheikh Hamad bin Abdullah Al Thani, cousin of Qatar’s Sheikh Tamim bin Hamad Al Thani, owns the ‘Idol’s Eye’ diamond. The price of this diamond is millions of dollars. The diamond was lent to him by Sheikh Saud, who was Qatar’s Culture Minister between 1997 and 2005. One of the world’s most prolific art collectors, he purchased the Idol’s Eye diamond in the early 2000s. Shortly before his death in 2014, he lent the diamond to QIPCO, whose chief executive is Sheikh Hamad bin Abdullah. Before lending the diamonds, they also entered into a contract giving QIPCO the option to purchase the diamonds with the consent of Alnus Holdings, a company ultimately linked to relatives of Sheikh Saud.
agreement on diamonds
Sheikh Saud’s company Alnus Holdings gave this diamond to QIPCO. Alnus Holdings is now owned by the Liechtenstein-based Al Thani Foundation, whose beneficiaries are Sheikh Saud’s widow and three children. Alans argues that the letter was sent by mistake. Elenus lawyer Saad Hussein said in court filings that Sheikh Saud’s son Sheikh Hamad bin Saud Al Thani had only sought to explore the possibility of a sale at the right price, but had not consulted with the foundation’s other beneficiaries. ,
QIPCO wants to buy a diamond for 10 million dollars
Now QIPCO wants to buy this diamond for 10 million dollars and QIPCO’s lawyers say on this issue that the lawyer of Al Thani Foundation had agreed in a letter of 2020 to sell the Idol Eye diamond for 10 million dollars. But Alnus Holdings says the diamond is being undervalued and is worth $27 million.
