Saad Investments Company Ltd., which is being liquidated in the Cayman Islands, won the asset freeze in the High Court in London after claiming there was a risk al-Sanea would spend the money before paying potential damages. The unit also claimed al- Sanea failed to return hundreds of documents he removed from its legal offices in Geneva two years ago.
“There is a risk of dissipation in this case” and a “failure to cooperate with the liquidators,” Saad Investment’s lawyer, Stephen Atherton, said of al-Sanea, one of Saudi Arabia’s richest men. The company also claims al-Sanea removed $60 million at the time he took the documents.
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