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'Fat Man' wins legal battle over £2m gambling debt

3 September 2008

LONDON, England -- As reported by The (LONDON) Times: "A billionaire gambler today won a legal bid to avoid paying a £2 million debt to a London casino.

"Fouad al-Zayat, who is known in gambling circles as the 'Fat Man', had contested a claim by Aspinall's, the Mayfair gaming club, over the sum, which he lost in a single night on March 10, 2000.

"But Mr Justice Teare rejected a counterclaim by Mr al-Zayat, who is based in Cyprus, for the return of another £10 million, which he said was lost during a period of 'unlawful credit'.

"Mr al-Zayat had paid by cheque for his £2 million in chips but when it was presented four days later, it was dishonoured on his instructions, the judge, sitting at the High Court in London, said.

"...Mr al-Zayat claimed that after his cheque for £2 million had been dishonoured on his instructions, Aspinall's had, within the meaning of the 1968 Gaming Act, allowed him unlawful credit in respect of those losses..."

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