Maan al Sanea, the Saudi financier at the centre of a fraud investigation, will challenge a Cayman Islands court order that froze US$9.2 billion (Dh33.79bn) of his assets.
Last week’s decision by the court to freeze Mr al Sanea’s worldwide assets was in response to complaints filed by Ahmad Hamad Al Gosaibi and Brothers, which is suing Mr al Sanea in a New York court for $10bn, alleging he “falsified documents” to obtain the money for personal use when he was a senior executive at Al Gosaibi’s financial division.
“Saad (the Saudi conglomerate founded and chaired by Mr al Sanea) will respond fully to all of these claims through the proper judicial process and definitively demonstrate their lack of any foundation,” said a spokesman for the billionaire, according to Bloomberg.
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