Maan al-Sanea, founder of Saudi Arabia's Saad Group, must pay damages to competitor Ahmad Hamad Algosaibi & Brothers Co. for conspiracy and breach of fiduciary duty, a judge ruled in the Cayman Islands.
Al-Sanea failed to file a defense in the case in which he's accused of taking out billions of dollars in fraudulent loans in Algosaibi's name when he was working for the company, according to a Nov. 7 default judgment from the Grand Court of the Cayman Islands. Damages will be determined later, it said.
“Al-Sanea has repeatedly said he is waiting for his day in court to defend the charges against him,” Eric Lewis, a legal coordinator for Algosaibi, said in the statement after the judgment was issued. “Clearly, he cannot defend the fraud charges on the merits and the court has acted accordingly.”
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