Tracy Edwards writes....

An update on the complex financial wranglings taking place in Qatar

There is a rumour circling that HSBC have been paid money by Qatar. This is incorrect. The following is the present state of affairs:

"Whilst behind the scenes negotiations with Qatar are ongoing I cannot go into too much detail as I do not want to jeopardise further payments of monies owed.

I can say that the $11.5million borrowed by me from a bank in Qatar (NOT HSBC) and used entirely to get the four entries to the start line and to participate in the event, has been paid by QNOC. This is great news for the bank! However, my trustee has told me that QNOC could now register as a creditor of my estate for that amount and legally seize Maiden II. I have personally written to HH The Heir Apparent and asked that QNOC do not do this. My trustee has confirmed to me that they have also contacted QNOC to request the same.

I have also asked that they release me, from the $3million loan from QNOC, used by me to pay Quest suppliers. The agreement of these two things would mean that Quest can be released from it’s debt to me of $7million. The debts of Quest would be reduced substantially and if assets can then be retrieved from the very few creditors who are holding them illegally, they can be sold with an increase to each creditor.

If Maiden II is not seized by Qatar then my trustees are hopeful that she can be sold and used to pay my remaining personal creditors (approx £800,000). However, the prize money will have to be paid first so that the crew can release their maritime lien over the vessel.

I have been working closely with Tony Bullimore and Brian Thompson since July last year to enable the prize money to be paid and I have been told by HE Sheikh Jassim bin Thamer Al Thani, Vice President of QNOC, that the prize money will in fact be paid. We have heard that before but I am hopeful that now this is the case.

Quest has been prevented from pursuing monies owed because the company in Qatar with whom the original agreement was signed in October 2003 has been dissolved. However, I have requested that QNOC make the payment instead to Quest to enable the company to pay creditors.

I cannot comment in too much depth on the details of my personal injury claim. I can say that it is not against HH The Heir Apparent, QNOC or the government of Qatar. It is against the Sheikh who held me against my will in Qatar, illegally, for 28 days during July /August last year. The direct result of this breathtaking travesty of justice and human rights from a ‘civilised country’ was my inability to fight my bankruptcy and the consequences that followed, including losing my home. I have won my first case.

I am in direct contact with five other companies who are in an identical situation to me. We are exchanging information that we hope will help everyone with the many legal cases that are currently being brought against Qatar for non-payment.

I am hopeful, as I have said all along, that Qatar will make all payments owed and that this payment to the bank is just the first. Discussions are ongoing."