The Williams Formula One team have secured a loan through a company owned by the father of their Canadian driver Nicholas Latifi as part of a financial restructuring arrangement.
The loan, which was finalised last week according to Companies House documents, was with the Michael Latifi-owned Latrus Racing Corp.
The Canadian businessman acquired a roughly 10 per cent stake in rivals McLaren in 2018 through his British Virgin Islands-based company Nidala Ltd in what was presented as a purely commercial deal.
Latifi junior is due to make his F1 race debut with Williams this year, with the season yet to start due to the coronavirus outbreak.
The privately-owned team, once dominant world champions who have faced a significant loss of revenue after finishing 10th for the past two seasons, sold their advanced engineering division in December.
Latifi's Sofina Foods is also a prominent sponsor of the British-based team.
The Latrus loan involves a mortgage on the team's facilities with the collection of heritage racing cars included as security. No financial details were given.
"Following the sale of WAE at the end of 2019 we began a refinancing process," deputy team principal Claire Williams, daughter of founder Frank, told motorsport.com.
"We have now concluded our refinancing with a consortium of lenders, all of which was negotiated on an arms-length commercial basis. The loan package provides us with the resources that we need moving forward."
Last week, Williams announced they had furloughed staff to the end of May as a result of the Covid-19 pandemic, with drivers also taking pay cuts.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Tales of Yusuf Tadros
Adel Esmat (translated by Mandy McClure)
Hoopoe
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From Zero
Artist: Linkin Park
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Number of tracks: 11
Rating: 4/5
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Louis Tomlinson
3 out of 5 stars
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The National in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
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Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
Poland Statement
All people fleeing from Ukraine before the armed conflict are allowed to enter Poland. Our country shelters every person whose life is in danger - regardless of their nationality.
The dominant group of refugees in Poland are citizens of Ukraine, but among the people checked by the Border Guard are also citizens of the USA, Nigeria, India, Georgia and other countries.
All persons admitted to Poland are verified by the Border Guard. In relation to those who are in doubt, e.g. do not have documents, Border Guard officers apply appropriate checking procedures.
No person who has received refuge in Poland will be sent back to a country torn by war.
