Abdulla Al-Humaidi, a key backer of the troubled London Resort, a proposed theme park in Kent, UK, was declared bankrupt at a recent High Court hearing. The Kuwaiti businessman resigned from the London Resort board last year but previously served as director of London Resort Company Holdings (LRCH).
Located on the Swanscombe Peninsula in Kent, east of London, the ambitious £2.5 billion theme park project has encountered numerous obstacles over the past ten years and not much progress has been made, despite having strong government support and being designated as a Nationally Significant Infrastructure Project (NSIP).
In March 2022, LRCH withdrew its planning application for the theme park after the Swanscombe Peninsula was confirmed as a Site of Special Scientific Interest (SSSI) by Natural England, saying it planned to resubmit an application in the future, a goal that it reiterated after PY Gerbeau stepped down from his role as CEO of the London Resort in December 2022.
In March 2023, LRCH appointed administrators after incurring £100 million in debts.
Latest troubles for London Resort
According to the Telegraph, creditors are chasing Al-Humaidi for millions of pounds. He first made an investment in the project in 2013, after the rescue of the local non-league football team Ebbsfleet United, and his brother Dherar Al-Humaidi joined the board four years later.
It was also recently announced that US media and entertainment giant Paramount Global, an early partner in the project, is now suing The London Resort in the High Court. The court case revolves around the restructuring implemented in April 2023 by LRCH, giving creditors equity in exchange for money owed.
Paramount is arguing that this is unfair due to “irregularities”. The entertainment firm, “is alleging debts that affected the vote were inflated and assigned to a third party in a ‘sham’ transaction and is demanding to see the documents that underpin those dealings.”
Last year the Save Swanscombe Peninsula campaign team alongside RSPB, CPRE Kent, Kent Wildlife Trust and Buglife revealed an “alternative vision” for the site.
