You can’t make this shit up. His Royal Fuckface Sheikh Hamad bin Jassim al-Thani, el Bagholder Numero Uno, holder of losses in DB estimated at over $1.2 Billion, is ready to step up and double down on his unfortunate bet.
Funds controlled by His Royal Dicknose bought 6.1 percent of Deutsche in mid-2014 and increased their stake to just under 10 percent, including options, in July 2016.
The first source also said that since the U.S. Department of Justice’s claim in September, he was not aware of any formal correspondence between Sheikh Hamad’s investment vehicles -Paramount Services Holdings and Supreme Universal Holdings – and Deutsche’s management.
The second source said, however, that Qatar’s continued involvement in the bank would be under the condition that it resumed focusing on its daily business and did not lose more market share in key businesses such as investment banking.
“They are too much focused on legal issues, the whole bank is ruled by lawyers at the moment. This needs to be changed.”
Lawyer Stefan Simon was nominated to Deutsche’s supervisory board in July at the suggestion of the two Qatari investment vehicles. He was placed on the board to keep an eye on the bank’s execution of its strategy, the source said.
The source added, however, that at the moment there was no pressure from Qatar for any changes in top management at Deutsche. “Execution is the issue, not strategy.”
Qatar’s ruling family and the Qatar Investment Authority (QIA), the country’s sovereign wealth fund, have suffered a string of paper losses on high-profile portfolio investments in recent years, including a stake in Germany’s Volkswagen (DE:VOWG_p), which is facing fallout from a damaging emissions scandal.
His Royal Goatfucker is not hurting for cash in the least, having recently purchased Picasso’s Les Femmes d’Alger (Ver O) for a record $179.4 million at auction.Twitter