Wednesday 28 July 2010

Saudi Arabia May Be Proper Forum for al-Sanea Suit, Judge Says - BusinessWeek


Saudi Arabia may be a more appropriate location for claims in a lawsuit filed in the Cayman Islands against Saudi billionaire Maan al-Sanea by members of the kingdom’s Algosaibi family, according to a court decision.

In the lawsuit, the Algosaibi group alleged Al-Sanea misappropriated $9.2 billion from the group’s units in part to fund his Saad Group of Companies. Al-Sanea has denied any wrongdoing, saying Algosaibi was aware of the borrowing. Smellie stayed the litigation until a committee appointed by the Saudi government rules on related petitions made there by the Algosaibi family. Smellie’s decision couldn’t be immediately confirmed in Cayman Islands electronic records or by a clerk contacted at the courthouse.

Units of the two Saudi family groups have borrowed at least $15.7 billion from more than 80 regional and international banks, including Paris-based BNP Paribas SA, New York-based Citigroup Inc. and Arab Bank Plc in Amman, Jordan, according to documents provided by lenders.

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