‘Family feud’ turns to ‘family fraud’ for Al-Gosaibis in Caymans | Arab News:
"In the end, “disappointed” was the word used by Simon Charlton, chief executive and chief restructuring officer of the Al-Gosaibi family business partnership after a judge in the Cayman Islands dismissed their claim for $4 billion in damages from the liquidators of businesses formerly owned by their erstwhile family member-turned-enemy, Maan Al-Sanea. The ruling could be the decisive act in a near decade-long scandal that rocked Saudi Arabia’s financial community, cost the Kingdom’s banks — and around 100 others around the world — billions of dollars, and wrecked the lives of many people who lived through it. Charlton’s disappointment must carry a capital “D.” It was not just that the Al-Gosaibi kitty to repay $6 billion to creditors had been massively reduced, putting further strain on the family’s already “limited” resources; nor the fact that tens of millions of dollars have been paid out — to lawyers, accountants and other advisers — that could have gone to the family or to creditors; nor even the fact, which must have been personally galling, that he had invested nearly 10 years of prime executive career-time on an action brutally thrown out by the Cayman judge. "
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