Al Sanea court case on hold in Caymans - The National Newspaper

A Cayman Islands judge has put a multibillion-dollar fraud claim against Maan al Sanea on hold until authorities in Saudi Arabia reach a decision on the main allegations against the financier.

The ruling is a blow to the al Gosaibi family, which has accused Mr al Sanea of running an immense Ponzi scheme.

Ahmad Hamad Al Gosaibi and Brothers lodged a fraud claim against Mr al Sanea and his Saad Group in the Cayman Islands last July. Divisions of the Saad Group are incorporated in Cayman. In its lawsuit, the family-owned Al Gosaibi conglomerate accused Mr al Sanea of committing one of the Gulf’s biggest frauds. A judge later froze as much as US$9.2 billion (Dh33.79bn) of Saad Group assets in the island country. Mr al Sanea denies the allegations.