Maan al-Sanea, a Saudi Arabian billionaire, has lost a jurisdictional challenge to a lawsuit filed against him in the Cayman Islands by Ahmad Hamad Algosaibi & Brothers Co., alleging he misappropriated money.
The Cayman Islands Court of Appeal today rejected al- Sanea’s bid to overturn a lower court’s July decision that the Caribbean nation had jurisdiction over the dispute, according to a 55-page ruling furnished to Bloomberg News by James Courtovich, a Washington-based spokesman for the Algosaibi firm.
The court of appeal also reversed a ruling by Cayman Islands Grand Court Chief Judge Anthony Smellie halting the proceedings in deference to potential rulings on the dispute by a Saudi Arabian commission.
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