Prince Jefri Loses Control Of New York Palace Hotel

Bandar Seri Begawan - His Royal Highness Prince Jefri Bolkiah talking to the Wall Street Journal said that he was worried he may soon be homeless and forced into bankruptcy.

On Tuesday, HRH Prince Jefri effectively lost control of his most valuable remaining asset, the New York Palace Hotel, an opulent 55-storey property formerly known as the Helmsley Palace, the WSJ reported yesterday.

The Brunei government took ownership of the hotel following a New York court order. But the judge has restricted it from selling the property pending the outcome of further proceedings and the prince is disputing the change in control.

Prince Jefri already claimed in the Wall Street Journal that he has turned over billions of dollars worth of property, including the Plaza Athénée hotel in Paris, the giant yacht, the car collection, and more than 100 paintings by Picasso, Renoir, Modigliani and others.

In a ruling on March 2006, the Brunei High Court has ruled that the BIA was entitled to orders against HRH Prince Jefri to enforce the terms of the settlement agreement, the WSJ report added.

Previously HRH Prince Jefri had consistently refused to comply with this agreement.

Chief Justice, Dato Seri Paduka Mohammed Saied in a judgment on March 1, 2006, rejected claims by HRH Prince Jefri that the settlement agreement signed in May 2000 was no longer enforceable.

HRH Prince Jefri was required to transfer to the BIA the assets which he had agreed to transfer under the settlement.

BIA had said that they intend to return to court to ask for appropriate orders to enforce compliance, should HRH Prince Jefri fail to transfer such assets.

Only last year, Britain's Privy Council, which hears final legal appeals from Brunei ruled that the Prince needed to abide by a 2000 agreement to return nearly all his remaining holdings.

Wall Street Journal reported that late last year he surrendered five rare diamonds, secured in a London vault, valued at roughly $200 million.

The article published in the Wall Street Journal ended by saying that while in Brunei, HRH Prince Jefri, favourite car to drive was a Ferrari 550, a sleek sports coupe that he would take for a spin late at night when the roads were quiet.

Now, he says, "I like the Mini," which he drives around London.-- Courtesy of Borneo Bulletin

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