Billionaire Sheikh Al Jaber Sues Immoconsult and the Schwarzenberg Foundation

Professional ServicesReal Estate ♦ Published: May 21, 2014; 18:33 ♦ Updated: May 21; 18:51 ♦ (Vindobona)

Due to a failed hotel project in Vienna real estate affiliate of Volksbank, Immoconsult, is facing a lawsuit by the Austrian/Saudi Arabian investor Mohamed Al Jaber.

Real estate affiliate of VBAG, Immoconsult, is faced with a lawsuit. / Picture: © MBI International & Partners

Al Jaber planned to establish a luxury hotel in the so-called Palais Schwarzenberg in the heart of Vienna. However, Immoconsult has “pulled the plug” during the financial crisis which is why the Austrian/Saudi-Arabian investor intends to sue the company. The family foundation Schwarzenberg has been searching for a partner for the splendor building for years. Since Al Jaber’s…