FINANCIAL NEWS

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.

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