Zayat’s Brother Ordered To Comply With Subpoena, Or Risk Contempt

Judge Vincent Papalia has ordered Ahmed Zayat’s brother, Egyptian businessman Sherif El Zayat, to comply with the court’s subpoena to turn over documents relating to the family’s businesses and finances, reports the Thoroughbred Daily News.

Since Sherif El Zayat is not a U.S. resident or citizen, the order stipulates that if he does not comply with the subpoena, the court will hold him in contempt, requiring U.S. Marshalls to detain him upon U.S. arrival.

The trustee in the bankruptcy case, Donald V. Biase, believes that Ahmed Zayat has assets in Egypt being controlled by his brother. Biase wrote in a July filing: “Documents obtained by the trustee from third parties strongly suggest that the debtor still possesses significant assets in Egypt.”

Ahmed Zayat, best known in horse racing as the owner of 2015 Triple Crown winner American Pharoah through his Zayat Stables, filed for Chapter 7 bankruptcy protection on Sept. 8, 2020. Zayat and his racing operation were previously named in a civil lawsuit in Fayette County Circuit Court from New York investment firm MGG Investments, stemming from a $30 million loan he took out in 2016. MGG won a summary judgment in the amount of $24.5 million.

The post Zayat’s Brother Ordered To Comply With Subpoena, Or Risk Contempt appeared first on Horse Racing News | Paulick Report.

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