Thursday 10 November 2011

Saudi Arabia's Algosaibi Wins Cayman Judgment Against Al-Sanea - BusinessWeek

Maan al-Sanea, founder of Saudi Arabia's Saad Group, must pay damages to competitor Ahmad Hamad Algosaibi & Brothers Co. for conspiracy and breach of fiduciary duty, a judge ruled in the Cayman Islands.

Al-Sanea failed to file a defense in the case in which he's accused of taking out billions of dollars in fraudulent loans in Algosaibi's name when he was working for the company, according to a Nov. 7 default judgment from the Grand Court of the Cayman Islands. Damages will be determined later, it said.

“Al-Sanea has repeatedly said he is waiting for his day in court to defend the charges against him,” Eric Lewis, a legal coordinator for Algosaibi, said in the statement after the judgment was issued. “Clearly, he cannot defend the fraud charges on the merits and the court has acted accordingly.”

No comments:

Post a Comment