More on Oman's Blue City
Switzerlands Oppenheimer Investments (OIAG) is being sued in the US District Court for the Southern District of New York for fraud in connection with its work as financial adviser to the Al Sawadi Investment & Tourism Company (ASIT), an Omani company in charge of the huge project.
The plaintiffs, Jacques Allouf, a former employee of an OIAG affiliate, and ECO Munich, a real estate finance specialist based in Atlanta, allege that OIAG founders Samuel Grossmann and Conrad Stampfli falsely claimed affiliation with South Africas Oppenheimer family to gain credibility with them and other business partners. In addition, they allege that OIAG has failed to pay fees for services provided by the plaintiffs that relate to the successful closing of the deal.
Grossmann and Stampfli, together with fellow defendant Jerald Belofsky, chief operating officer of Oppenheimer North America, an OIAG affiliate, each deny...