Prince Jefri faces action from Brunei

BANDAR SERI BEGAWAN: The state-run Brunei Investment Agency (BIA) said yesterday it has resumed legal proceedings against disgraced former finance minister Prince Jefri Bolkiah for allegedly reneging on a settlement. 

The oil-rich kingdom's investment arm said in a press statement it was seeking a court order against its former boss to enforce a settlement agreement he signed in May 2000 over the “misappropriation of large amounts of BIA funds.” 

Jefri's global jet-setting playboy lifestyle has been blamed for massive losses in government funds, leading to his ouster as finance minister and head of the BIA in the late 1990s. 

He was also stripped of control over failed business group Amedeo Development Corp, whose assets were sold in auction after he fell out of grace. 

Sources in Brunei said the prince is now living in London, having left Brunei at the beginning of this year. – AFP 

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