Cayman Court orders Al-Sanea to pay Algosaibi USD2.5b

16 Jun 2012

(MENAFN) Saudi billionaire Maan Al-Sanea has been ordered by a Cayman Court to pay the Algosaibi family USD2.5 billion, which will enable them to go after the money, Reuters reported.

The order was the latest twist in a long complex legal battle the Saudi billionaire and his in-laws have been waging in courts across the globe since 2009.

Al-Sanea was accused by his in-laws of siphoning off billions of dollars to his own business empire, the Saad Group, after he was put in charge of the Algosaibis’ financial arm. Al-Sanea has always categorically denied these allegations

The two Saudi families have been exchanging blows in a complex legal battle in London, New York, Bahrain, Switzerland and Saudi Arabia ever since.

Hamad Algosaibi & Brothers’ (AHAB) claim for dishonest breach of fiduciary duty by Al-Sanea was now proven, the Cayman Court said.

More News

This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more

This site is registered on as a development site.