Cayman Islands court dismisses claims in $126 billion Mideast 'Ponzi scheme' | Reuters

Cayman Islands court dismisses claims in $126 billion Mideast 'Ponzi scheme' | Reuters:

"A Cayman Islands court has dismissed rival claims made by a Saudi Arabian family and a Kuwaiti-born businessman, finding both to have defrauded scores of banks out of about $126 billion over more than two decades. The ruling follows a 10-year dispute played out in international courts between the al-Gosaibis and Maan al-Sanea over who was to blame for the collapse of each other’s business empires. Ahmad Hamad al-Gosaibi and Brothers (AHAB) and Saad Group, owned by al-Sanea, both defaulted in Saudi Arabia’s biggest financial meltdown in 2009 amid the global financial crisis, with international and regional banks and other creditors owed billions of dollars."



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