Trump and Lax set up a flagship boutique on Madison Avenue and publicly showered praise on one another, but the venture finally soured. Lax has been accused of all kinds of wrongdoing, from stiffing creditors to extortion, in a lot of lawsuits, a number of them associated with Ivanka Trump Fine antiques and a number of them unrelated.
A decade before, the high-flying Al-Saris commanded a multibillion-dollar oil-trading empire, but then hit a rough spot, apparently becoming mired in legal conflicts over unpaid bills and sanctions imposed in 2012 on the family’s firm, FAL Oil, for selling oil to Iran.
Apparently strapped for cash, the Al-Saris is alleged to have borrowed over a $100 million from the Commercial Bank of Dubai. They defaulted on the debt and, based on court documents, proceeded to hide their resources in a network of shell companies, through which they purchased diamonds and Las Vegas property. In addition, to Ivanka’s lineup, the bank–that filed a fraud suit in 2014–states the Al-Saris bought diamonds from Jacob Arabo–better called “Jacob the Jeweler”–for exactly the same function.
In this new case, the Commercial Bank of Dubai hasn’t accused the jewelry line or Arabo of any wrongdoing. Arabo’s business did not respond to requests for comment, nor did FAL oil, the Al-Sari- an owned enterprise in the center of this dispute.