Algosaibi agreed it “breached its duty of full and frank disclosure” when it won the asset freeze against al-Sanea in 2009, the Grand Court of the Cayman Islands ruled yesterday. Algosaibi applied last month to voluntarily dismiss the freeze after it found new evidence that should have been revealed earlier. Al-Sanea still faces a fraud lawsuit filed by Algosaibi in New York and probes in Bahrain and Switzerland.
“Since AHAB started its litigation scheme over two years ago, I have been resolute in my complete rejection of its desperate claims that I somehow defrauded the Algosaibis,” al- Sanea said today in a statement, using Algosaibi’s initials.
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