Accountants investigating the affairs of Maan al Sanea, the Kuwait-born entrepreneur involved in the Middle East’s biggest corporate scandal, have unearthed more than US$6.2 billion (Dh22.77bn) of assets in his Cayman Islands holding company, The National can reveal.
The news will be welcomed by creditors of Mr al Sanea’s Saad Group, who are owed up to $10bn by the businessman based in Saudi Arabia.
However, liabilities against these assets, and other constraints on their disposal, mean the 50-plus international banks lining up for repayment are likely to receive only a small proportion of their money back.
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