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In 1979, the Fayed brothers purchased the fading Ritz Lodge in Paris for beneath $30 million and, with a 10-year, $250 million renovation, turned it into one of many world’s most luxurious accommodations. Princess Diana and Dodi Fayed dined within the Imperial Suite earlier than their deadly crash.
In 1984-85, of their biggest business coup in Britain, the Fayeds paid $840 million for the Home of Fraser, the guardian firm of Harrods and scores of different shops, and invested $300 million extra to refurbish the chain’s flagship, in London’s unique Knightsbridge part.
Prodded by a enterprise rival, the federal government investigated the Harrods deal and in 1990 concluded that the Fayed brothers had “dishonestly misrepresented” themselves as descendants of an outdated landowning and shipbuilding household. The federal government report mentioned the cash for Harrods had most likely come from the Sultan of Brunei. The sultan denied it, and Mr. Fayed, who was not accused of wrongdoing, known as the report a smear.
In investigative experiences by the press and the police, Mr. Fayed was accused by many ladies of undesirable sexual advances, job-related sexual harassment of feminine workers at Harrods, and even sexual assault involving teenage ladies. He denied the allegations and, though he was questioned by the authorities in Britain, he was by no means prosecuted on such prices.
Mr. Fayed was bitter about being stymied in his quest for British citizenship, though all his youngsters by his second spouse held that standing. As he famous, he had lived in Britain for many years, paid hundreds of thousands in taxes, employed 1000’s of individuals and, by way of his enterprises, contributed mightily to the economic system.
“They might not settle for that an Egyptian might personal Harrods, in order that they threw mud at me,” he informed reporters. He offered Harrods in 2010 to Qatar Holding, the sovereign wealth fund of the Emirate of Qatar, for greater than $2 billion, and introduced his retirement.
