AHAB’s Claims Against Maan Al Sanea Companies To Proceed to Trial in Cayman

WASHINGTON, March 11, 2013 /PRNewswire – The Grand Court of the Cayman Islands has rejected the latest efforts by the Liquidators of Maan al Sanea’s companies in the Cayman Islands to dismiss portions of Ahmad Hamad Algosaibi & Brothers’ (AHAB) case.  At a hearing in November 2012, the Liquidators had requested that the court strike out AHAB’s claims for recovery of stolen funds that were transferred to Mr. Al Sanea’s Cayman Islands companies.  With the exception of one small special purpose company, the court refused to dismiss AHAB’s claims, directing that the case should move forward to trial against the primary companies.

In June 2012, AHAB won a $2.5bn interim default judgment against Mr. Al Sanea in the Cayman Islands.  At the hearing in November, the Al Sanea company Liquidators also sought permission to appeal that judgment.  The Cayman court’s order denies any right to appeal on the grounds that such an appeal would have “no prospect for success” and would raise “no point of public importance.”

The court requested that the parties agree to a schedule for discovery and trial in the proceeding, so that it will move forward in a timely manner. The next step will involve agreeing to a process for discovery and a schedule that will take the case to trial in approximately one year.

“After more than three years of procedural machinations, we look forward to moving into the trail phase of this case,” said Eric Lewis, AHAB’s chief legal coordinator. “Maan Al Sanea’s companies in the Cayman Islands were instrumental to his multi-billion dollar global fraud, and their coffers remain filled with stolen funds that we intend to recover. ”

AHAB continues to pursue the assets of Maan Al Sanea in courts around the world.  In September 2012, a New York court ruled that it has jurisdiction to hear AHAB’s claim in respect of Mr. Al Sanea’s fraud and money laundering.

For a copy of the judgment, please contact Graham Miller at: [email protected].

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