Friday 26 March 2010
Court finds Saudi billionaire in contempt over $9.2bn asset freeze
Maan al-Sanea, the Saudi billionaire, has been found in contempt by a Cayman Islands court for breaching a worldwide order freezing $9.2bn of his assets.
The judgment of the Cayman Islands Grand Court is another blow to Mr Sanea, the owner of Saad Group, in his bitter dispute with a rival Saudi company.
The complaint was filed by Ahmad Hamad Algosaibi and Brothers Company (Ahab), alleging that Mr Sanea broke the freezing order by transferring $60m from one of his companies to Saad Specialist Hospital in Saudi Arabia last July.
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