Former Alameda Research CEO Caroline Ellison claimed in court that Sam “SBF” Bankman-Fried attempted to raise equity for FTX by considering an investment from Saudi Crown Prince Mohammed bin Salman, or MBS.
Addressing the court at SBF’s criminal trial on Oct. 11, Ellison reportedly said she had discussed ways of hedging Alameda investments with Bankman-Fried in 2022. According to the former Alameda CEO, Bankman-Fried said that MBS was a potential investor in the crypto exchange prior to its collapse in November.
The potential investment by MBS was one of the notes mentioned in one of Ellison’s online journals titled “Things Sam is Freaking Out About,” which prosecutors said in August they could present at trial. According to her testimony, the list included “raising funds from MBS” as well as turning regulators against crypto exchange Binance.
With a net worth in the billions, MBS — both crown prince and prime minister of Saudi Arabia — has made investments into blockchain gaming through the nation’s sovereign wealth fund. However, he was also reportedly connected to the 2018 assassination of Washington Post journalist Jamal Khashoggi at the Saudi consulate in Istanbul.
This is a developing story, and further information will be added as it becomes available.
A temporary injunction that would have blocked asylum seekers from being housed at the Bell Hotel in Essex has been overturned at the Court of Appeal.
The Home Office and Somani Hotels, which owns the Bell Hotel in Epping, have successfully challenged a High Court ruling. Today’s hearing saw both parties win the right to appeal, before also winning the appeals themselves.
Lord Justice Bean, sitting with Lady Justice Nicola Davies and Lord Justice Cobb, quashed an earlier injunction granted to Epping Forest District Council, saying: “We allow the appeals and we set aside the injunction imposed on 19 August 2025.”
This means asylum seekers will stay in the accommodation in Essex past 12 September. There are currently 138 asylum seekers being housed at the hotel.
Image: Lord Justice Bean delivering the ruling. Pic: PA
Last week, the initial court ruling centred on the change in use of the premises without consent from the local authority.
But after the Home Office argued its case – which involved stating it had the right to appeal – judges have backed the government’s side.
The decision avoids a precedent for other councils to appeal against asylum hotels in their areas.
Council ‘will continue the fight’
A councillor for Epping said the “battle is not over” after the Court of Appeal ruling and vowed the council would “continue the fight”.
Image: Councillor Ken Williamson. Pic: PA
Speaking outside the London court, Ken Williamson, said: “We are deeply disappointed by the outcome of today’s hearing.
“The concern and motivation of Epping Forest District Council throughout has been the wellbeing of our local residents, where we had clarity and resolution, we now have doubt and confusion.”
The council could still be granted an injunction following a full hearing of the legal claim, which is due to be heard in October.
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Reform UK’s deputy leader Richard Tice: Epping residents should feel ‘angry and frustrated’
Reform UK leader Nigel Farage also criticised the ruling, claiming that “illegal migrants have more rights than the British people under (Keir) Starmer”.
Tory leader Kemi Badenoch echoed this in her own statement, saying: “Keir Starmer has shown that he puts the rights of illegal immigrants above the rights of British people who just want to feel safe in their towns and communities.”
She also urged Conservative councillors seeking similar injunctions against asylum hotels to “keep going” despite the ruling.
Focal point of protests
Epping Forest District Council had asked for the injunction after the Bell Hotel became the focal point of several protests and counter-protests. It claimed its owner, Somani Hotels, had breached planning rules.
Lord Justice Stephen Eyre, who gave the original High Court decision, had said that while the council had not “definitively established” that the company had breached planning rules, “the strength of the claimant’s case is such that it weighs in favour” of granting the injunction.
Image: Anti-migration protesters in Epping in July
Regular protests have been held outside the Bell Hotel since an asylum seeker housed there was accused of sexually assaulting a 14-year-old girl in July.
Hadush Gerberslasie Kebatu, 38, denies two counts of sexual assault, one count of attempted sexual assault, one count of inciting a girl to engage in sexual activity, and one count of harassment without violence.
Image: A view of an England flag outside the Bell Hotel in Epping, Essex, after a temporary injunction that would have blocked asylum seekers from being housed at the Bell Hotel in Epping, Essex, was overturned at the Court of Appeal. Picture date: Friday A
After the Court of Appeal ruling, a small number of protesters gathered outside the Bell Hotel carrying England and Union flags, with police officers guarding the entrance to the hotel, which is gated off with metal fencing.
An England flag has been attached to a drainpipe outside the hotel, while England flags have also been painted onto signs and a speed camera outside the hotel.
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