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...