Jun 15 2012
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AHAB wins $2.5bn case again Al Sanea
Cayman Islands court issues interim award in Algosaibi fraud case and orders Maan Al Sanea to pay $2.5 billion
In a 35-page ruling the Chief Justice found that AHAB would be entitled to recover at least $2.5 billion.
The Court's award was based on what it termed "compelling" evidence of "a pattern of massive payments to [Al Sanea's] Saad Group (at times running at an average of well over $1 million per day)."
The ruling is a significant development in AHAB's recovery efforts against Maan Al Sanea, who is also currently being charged with financial crimes in Bahrain in relation to his massive fraud and is under investigation in Switzerland and the United States.
The ruling was based on the court's detailed review of the affidavit evidence of Simon Charlton, the Deloitte partner who led the forensic investigation. The ruling found that the specific forensic evidence of payments made from AHAB to Al Sanea and companies under his control "remains unchallenged."
AHAB told the Court that it will undertake final quantification of their losses at the end of the case against Al Sanea and other parties on their claim, PRNewswire said.
Although Al Sanea has repeatedly issued public statements denying AHAB's charges, he declined to submit any defense to AHAB's claims in the Cayman Court. Instead, he unsuccessfully disputed the Cayman court's jurisdiction, losing in both the Cayman Islands Court of Appeal and Her Majesty's Privy Council in London, the final appellate court.
"Maan Al Sanea has repeatedly said he is waiting for his day in court to defend the charges against him. Clearly, he has not and cannot," said Eric Lewis, AHAB's chief legal coordinator.
"AHAB's forensic team provided compelling affidavit evidence of misappropriation. Al Sanea cannot defend the fraud charges on the merits and the court has acted accordingly. AHAB has requested at this juncture an order for $2.5 billion to enable early action to be taken, but expects a significantly larger final award when this case is ultimately tried."
© Emirates 24|7 2012
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