algosaibi claims victory after cayman ruling
Last Updated : GMT 06:41:18
Arab Today, arab today
Arab Today, arab today

AlGosaibi claims victory after Cayman ruling

Arab Today, arab today

Arab Today, arab today AlGosaibi claims victory after Cayman ruling

Riyadh - Arabstoday

The AlGosaibi business dynasty of Saudi Arabia has claimed a significant victory in its global legal battle against Maan Al Sanea, the financier accused of stealing US$9.2 billion (Dh33.79bn) from the group. A court in the Cayman Islands, where some of Mr Al Sanea\'s business interests are based, ordered him to pay $2.5bn to the family partnership Ahmad Hamad AlGosaibi and Brothers. The ruling, given by Anthony Smellie, the chief justice of the Cayman Grand Court, allows AlGosaibi to take further legal action to recover the money. Mr Smellie also said that the allegations brought by AlGosaibi that Mr Al Sanea had stolen billions from the company while he was in charge of its financial business were \"now deemed to be proven\". The ruling is a boost for Al Gosaibi family members, who are under a travel ban in Saudi Arabia and who are coming under increasing financial pressure in the kingdom and elsewhere. They face more than 60 legal actions in five countries in which creditors, largely international banks, are seeking the repayment of more than $6bn. However, the ruling is likely to be strongly contested by Mr Al Sanea, who is also banned by Saudi Arabia from travelling. He was not represented at the Cayman proceedings because he contested the jurisdiction of the court but is now expected to fight the action. An appeal by Mr Al Sanea to the Cayman Islands\' highest legal authority, the Privy Council in London, contesting jurisdiction, was dismissed this year. A spokesman for Mr Al Sanea declined to comment. Lawyers working for him say he has no assets in the Cayman Islands and that the ruling has no bearing on matters in Saudi Arabia, where most of the business interests of the two warring factions are concentrated, or in other jurisdictions where legal actions are proceeding - the United States, Britain and Switzerland. The Cayman court reached its conclusion after studying a new affidavit from Simon Charlton, the Deloitte executive in charge of the forensic investigation of Mr Al Sanea\'s businesses in Saudi Arabia and elsewhere between 2002 and 2009. The Deloitte investigation showed that billions of dollars passed through an AlGosaibi company, The Money Exchange (TME), which was controlled by Mr Al Sanea, in the form of cheques and electronic transactions. At least $5.2bn of the total $9.2bn AlGosaibi claims was misappropriated went through TME, Deloitte said. \"I am satisfied that a significant proportion of the pleaded damages will ultimately be recoverable as against him [Mr Al Sanea] personally,\" said Mr Smellie. Eric Lewis, the lawyer in charge of AlGosaibi\'s worldwide legal campaign, said AlGosaibi\'s \"forensic team provided compelling affidavit evidence of misappropriation. Mr Al Sanea cannot defend the fraud charges on the merits and the court has acted accordingly\". The three-year battle between the two sides, who are related by marriage, has left about 100 creditors, including banks in the UAE and other Arabian Gulf states, nursing billions of dollars in losses. Most have been written off. From TheNational

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

algosaibi claims victory after cayman ruling algosaibi claims victory after cayman ruling

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

algosaibi claims victory after cayman ruling algosaibi claims victory after cayman ruling

 



Arab Today, arab today
Arab Today, arab today Skincare PR Performance Full Year 2017

GMT 10:35 2018 Monday ,22 January

Skincare PR Performance Full Year 2017
Arab Today, arab today New hunt for flight MH370 gets under way

GMT 02:36 2018 Wednesday ,24 January

New hunt for flight MH370 gets under way
Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation
Arab Today, arab today France sanctions businesses linked

GMT 01:58 2018 Wednesday ,24 January

France sanctions businesses linked
Arab Today, arab today Turkey detains dozens more

GMT 02:09 2018 Wednesday ,24 January

Turkey detains dozens more
Arab Today, arab today
Arab Today, arab today

GMT 07:22 2017 Thursday ,23 November

Zimbabwe's next leader heads home after Mugabe exit

GMT 07:23 2017 Thursday ,23 November

Zimbabwe's next leader heads home after Mugabe exit

GMT 22:38 2018 Tuesday ,23 January

Bahrain Press headlines

GMT 20:34 2018 Saturday ,20 January

Bahrain press headlines

GMT 16:25 2016 Thursday ,22 December

Italian bank Monte Paschi edges closer to state bailout

GMT 06:03 2014 Wednesday ,09 April

Please .. Let Gaza breathe!

GMT 09:12 2017 Friday ,17 November

Gleam Futures represents Grace Beverley

GMT 04:18 2017 Sunday ,26 November

Bella magazine appoints celebrity writer

GMT 06:00 2017 Sunday ,29 October

Childrenswear brand Once appoints Dyelog

GMT 16:33 2014 Thursday ,13 November

Al-Ehtimam Bil Aakhareen

GMT 03:34 2017 Sunday ,05 November

Needle & Thread relocates press office

GMT 14:56 2017 Thursday ,21 December

Ryanair says formally recognises pilots' union

GMT 16:03 2017 Thursday ,21 December

US hits Myanmar general in new global rights sanctions
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday