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Article: Sultan in trouble as world's richest ruler has to liquidate his assets
- Article from:
- The Independent (London, England)
- Article date:
- August 31, 1998
- Author:
CopyrightCopyright 1998 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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THE SULTAN of Brunei, the richest man in the world until recently,
has been forced to liquidate millions of pounds of investments to pay
off debts.
Within the last month, the Sultan, Sir Muda Hassanal Bolkiah, has
liquidated up to pounds 1bn worth of internationally managed
investment portfolios to repay loans for which they were collateral.
In the last year, the man who can afford to have his Aston Martin
sports cars flown to the British factory to have the engine oil
changed, has seen his personal fortune fall by an estimated $2bn
(pounds 1.3bn). He has also lost his title as Forbes magazine's
World's Richest Person.
The unprecedented cash-raising measures have been forced on the
ruler of ...