The chief executive and majority shareholder of Intercontinental Investment Bank (IIB), Sohail Sultan Ahmad, faces allegations of concealing substantial assets during his divorce proceedings, according to recently released court documents. Ahmad, 57, is accused by his ex-wife, Meerna Faraj, 53, of hiding approximately £16 million in undisclosed bank accounts while asserting he lacked sufficient funds and had to borrow money from relatives and friends.
Ahmad and Faraj, who married in 2013 after meeting in Bahrain in 2011, initiated divorce proceedings in 2020. Their financial settlement was only finalized in 2023, by which time the couple’s disputes had accumulated legal fees exceeding £6.5 million. The couple has one daughter together, aged 12, while Ahmad has two children from a previous marriage. Faraj also has a severely autistic, non-verbal daughter who requires continuous care, a factor that contributed to judicial acknowledgment that she could not return to her private equity career following the separation.
Initially, Faraj was awarded £6.08 million, including £2.25 million for legal costs, along with a temporary right to reside rent-free in the family home. However, both parties appealed the settlement. Faraj contended that Ahmad failed to disclose all assets, specifically citing five secret bank accounts purportedly linked to him. Ahmad argued that these funds belonged to IIB, not to him personally, and therefore were not part of the marital estate.
The Court of Appeal sided with Ahmad on procedural grounds, ruling the original trial was unfair due to insufficient cross-examination of Ahmad. Nonetheless, the court criticized Ahmad’s conduct, with the trial judge describing some of his statements about his finances as “perjury.” Ahmad admitted that his financial disclosures during the initial hearing could be misleading but denied intentional falsehood.
One contentious issue involves a £3 million family home near Buckingham Palace, which Ahmad maintains is owned legitimately through a complex legal arrangement transferring beneficial ownership to IIB. Faraj’s legal team has challenged this arrangement as a sham designed to withhold assets. The High Court will revisit the matter during the upcoming retrial aimed at clarifying which assets are subject to division.
Court documents also reveal that Ahmad, who studied at the London School of Economics and has maintained professional connections with British diplomats, reportedly offered £12.7 million in cash for a Kensington townhouse in 2020, contrasting with his claims of personal financial hardship.
In October 2020, Faraj obtained non-molestation and occupation orders against Ahmad, measures designed to prevent harassment during the divorce process. The High Court’s forthcoming retrial will determine the final settlement and the legitimacy of the disputed asset disclosures.