Saturday, 16 June 2012

AlGosaibi claims victory after Cayman ruling - The National

The AlGosaibi business dynasty of Saudi Arabia has claimed a significant victory in its global legal battle against Maan Al Sanea, the financier accused of stealing US$9.2 billion (Dh33.79bn) from the group.

A court in the Cayman Islands, where some of Mr Al Sanea's business interests are based, ordered him to pay $2.5bn to the family partnership Ahmad Hamad AlGosaibi and Brothers.

The ruling, given by Anthony Smellie, the chief justice of the Cayman Grand Court, allows AlGosaibi to take further legal action to recover the money.

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