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  1. #1
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    British tennis giants at war over £9m Thai property deal

    British tennis giants Rusedski and Lloyd at war over £9m Thai property deal
    By ABUL TAHER
    Last updated at 1:38 AM on 19th June 2011






    Two giants of British tennis are to face each other in the most gruelling match of their careers – not at Wimbledon’s famous Centre Court, but in the sombre surroundings of the High Court.
    Greg Rusedski is suing Britain’s former Davis Cup captain David Lloyd for more than £740,000 he invested in a £9 million project to build luxury villas in Thailand.
    Mr Rusedski is demanding his money back three years after investing the cash in Mr Lloyd’s company because so far no properties have been completed – and he claims he has not received an explanation about what has happened to the money.


    But sources close to Mr Lloyd say that the project has fallen behind schedule because of the global financial crisis, and civil unrest in Thailand over the past three years.
    A source said: ‘Rusedski will get his money back once the villas start selling. The villas are still being built and won’t be ready until early next year.’


    The financial dispute has put a strain on the relationship between the two stars which goes back more than a decade. It was their friendship that led former British number one Rusedski to invest the money in the first place.
    Mr Lloyd launched his project in 2008 – it involves building 27 holiday villas over 40 acres of land on the western coast of Phuket. Each villa would have breathtaking views of white sandy beaches and the Andaman Sea.
    The houses are intended for wealthy Westerners who want a holiday home there. The area is popular with golfer Tiger Woods and Prince Andrew’s ex-wife Sarah Ferguson.
    In a writ lodged at the High Court, Mr Rusedski, 37, claims that he and his wife Lucy, 34, wired the money in three instalments to Mr Lloyd’s personal bank account in Thailand.

    In search of paradise: Mr Rusedski says he invested cash in building villas in Phuket, pictured
    The first instalment of £533,943 went from Mrs Rusedski’s account, which was followed by a sum of £73,551 from that of her husband’s. A final amount of £133,564 went from the couple’s joint account.
    In the court papers, the Rusedskis claim that after three years, Mr Lloyd has failed to give them a satisfactory account of how their investment – ‘the Rusedski Money’ – was spent.
    ‘In breach of fiduciary duty the Defendant [Mr Lloyd] has failed to account to the Claimants’ [Rusedskis] reasonable request for information and/or disclosure of documents concerning the Rusedski Money,’ says the writ.
    The Rusedskis are now demanding their money back with interest payments, and any profit that was made from it.
    A close friend of Mr Rusedski said: ‘The crux of the matter is they invested this money some time ago and they’d like it back.’
    This weekend Mr Lloyd declined to comment when contacted at his million-pound property in Leatherhead, Surrey.
    But a source said: ‘This is outrageous. Greg Rusedski is trying to destroy the reputation of David Lloyd as a businessman. He is threatening to jeopardise a business project worth £9 million.
    ‘Back in 2008, Greg approached David when they were playing golf and said he wasn’t making any money from tennis any more. So David suggested that he invest his money in this property deal as a way of making money. But after investing his money, Greg became panicky about it, so his investment was turned into a loan which he will get back as soon as the villas are sold.’
    Mr Rusedski declined to comment on Mr Lloyd’s claims. His spokesman said: ‘We can’t make any comment as this matter is subject to due legal process. We are confident that the court will determine the right outcome in due course.’
    A spokesman for Mr Lloyd said: ‘Mr Lloyd is astonished and personally disappointed that Mr and Mrs Rusedski have instigated this spurious and opportunistic claim.
    ‘The allegations are being vehemently denied and will be vigorously defended.’


    Read more: British tennis giants Rusedski and Lloyd at war over £9m Thai property deal | Mail Online



  2. #2
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    harrybarracuda's Avatar
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    Sad indictment of British tennis if these two are "giants" of it.


  3. #3
    sabaii sabaii
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    British Tennis Giants, thats funny.

    RIP Fred Perry

  4. #4
    The Pikey Hunter
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    The little detail about it being illegal for foreigners to buy land in Thailand appears to have been overlooked.... again....

  5. #5
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    ^ I was thinking the same thing and another slap in the face for the authorities here.

    And I thought that Rusedski was a Canuk.

  6. #6
    The Pikey Hunter
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    and why is it being heard in a British court?

    Where's the jurisdiction? I assume this means that the money was paid to a British company who is the developer, which seems an even more blatent flouting of the Thai law?

  7. #7
    ding ding ding
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    Quote Originally Posted by crippen
    British tennis giants Rusedski and Lloyd at war over £9m Thai property deal
    They mean 740,000 GBP surely, which appears to be the amount that has changed hands between these two idiots.

  8. #8
    Thailand Expat
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    Quote Originally Posted by crippen
    But a source said: ‘This is outrageous. Greg Rusedski is trying to destroy the reputation of David Lloyd as a businessman. He is threatening to jeopardise a business project worth £9 million.
    That isn't available for dirty scummy farangs.

  9. #9
    I am in Jail
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    Quote Originally Posted by crippen
    Greg Rusedski is suing Britain’s former Davis Cup captain David Lloyd for more than £740,000 he invested in a £9 million project to build luxury villas in Thailand.
    Mr Rusedski is demanding his money back three years after investing the cash in Mr Lloyd’s company because so far no properties have been completed – and he claims he has not received an explanation about what has happened to the money.
    the number of deals involving property scams in Phuket and the nationality of those developers being British is an interesting statistics,

    I say most British property developers in Phuket are scammers, they used to do it in Spain, but now it's Thailand

  10. #10
    Thailand Expat Bobcock's Avatar
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    Quote Originally Posted by Loy Toy
    And I thought that Rusedski was a Canuk.
    Only when he lost.....

    which was most of the time....so yes....a Canuk.

  11. #11
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    Quote Originally Posted by Gerbil View Post
    and why is it being heard in a British court?

    Where's the jurisdiction? I assume this means that the money was paid to a British company who is the developer, which seems an even more blatent flouting of the Thai law?
    Because it is one UK citizen who says he is owed money by another UK citizen.

    The article says the money was remitted to a personal account.

    David Lloyd has made a mint by property development. Far more than he ever made playing tennis. So trusting him to deliver was not as bonkers as it sounds.


    The UK courts have no interest in Thailand's foreign ownership laws. If Thailand wants to pursue that matter, then it is separate, and of course that case would be heard locally, in Thailand. Though as we know, it is a law that is seldom enforced consistently.

  12. #12
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    Yip radi went to england and canada got me. He won more tennis games than me. I forgot my racket!

  13. #13
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    Quote Originally Posted by crippen View Post
    and he claims he has not received an explanation about what has happened to the money.
    Imagine most has slid down a few throats, only to be regurgitated in Isaan in the form of Fortuners and Maekhong.

  14. #14
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    My sister had similar problems with a developer in Florida. They ran out of funds, the build was put on hold despite a contractral promise that her house would be completed within 2 years. She delayed chasing her deposit of £40,000 and to date hasn't received a bean.

    I suspect the alteration from investment to a loan by Rudeski and the length of the repayment period would be all important. If the agreement on the loan was repayment after the villa's are resold as reported, this would leave him open to to further delays on repayment. However, i suspect that the court may look at the stages of construction (if any) and make a judgement on the likelyhood of Mr Rudeski receiving any loan repayment within, what would be deemed a reasonable timescale.

    In my experience, property developers, similar to bankers and politicans are never to be trusted. They are out to make a fast buck from investors money and if things don't work out for them they will protect themselves in financial terms first and foremost.



    Quote Originally Posted by crippen
    A spokesman for Mr Lloyd said: ‘Mr Lloyd is astonished and personally disappointed that Mr and Mrs Rusedski have instigated this spurious and opportunistic claim. ‘The allegations are being vehemently denied and will be vigorously defended.’
    Quotes such as the above generally mean that the defendant is as guilty as they come.

  15. #15
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    How many people buy off plan (not just in Thailand) and get stiffed when the developer runs out of money?

    You have to be a mug to get involved, especially when half of the "developers" are former shoe salesmen or the like.

  16. #16
    Thailand Expat terry57's Avatar
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    A very simple case of 2 rich individuals trying to make more money through development.

    Trouble being that they did not do there home work and have lost all there money to some Thai who is smarter than they are.

    I would not be to concerned as they got a shit load more money stashed away and they payed the price for there fukwittery.
    Stroller is a Yerman faggot.

  17. #17
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    Quote Originally Posted by harrybarracuda
    You have to be a mug to get involved, especially when half of the "developers" are former shoe salesmen or the like.
    An expensive pair of shoes indeed, Harry...



    Apparently, they didn't fit too well...

  18. #18
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