A state judge threw out several lawsuits Thursday related to a continuing dispute between Saudi conglomerate Ahmed Hamad Al Gosaibi & Brothers Co. and Saudi billionaire Maan al-Sanea.
New York Supreme Court Justice Richard Lowe III said three lawsuits, including two by United Arab Emirates-based bank Mashreqbank against Ahmed Hamad Al Gosaibi & Brothers and its general partners, should be litigated outside the United States and not in New York.
"The U.A.E. (United Arab Emirates) is the more appropriate forum for determination of the primary actions, and they will be decided in the case that Mashreqbank has already commenced there," the judge said. "Ahab can decide whether it prefers to bring its third-party action in the U.A.E. as well, or to seek redress in Saudia Arabia."
Ahmed Hamad Al Gosaibi & Brothers, or Ahab, sued Mr. Sanea in New York last year alleging he misappropriated about $10 billion. Mr. Sanea strongly denies those allegations.
Ahab filed its suit against Mr. Sanea after Mashreqbank sued Ahab in New York state court, claiming it is owed $150 million by Ahab.
"We are pleased with the court's ruling and, in particular, with its recognition that the Kingdom of Saudi Arabia is the better forum for the resolution of the parties' differences," said Robert Serio, a lawyer for Mr. Sanea.
A lawyer for Ahab didn't immediately respond to a request for comment late Thursday night. In a statement, Mashreqbank said its claims "remain indisputable and we will continue to aggressively pursue those claims in the U.A.E. courts."
No comments:
Post a Comment