Archive for March 13th, 2011

Al Gosaibi faces a fresh $8.2bn claim

| 13/03/2011 | 0 Comments

(The National): The al Gosaibi business family of Saudi Arabia, which is fighting a legal battle against Maan al Sanea of the Saad Group conglomerate, is facing a fresh US$8.2 billion claim on its assets.Documents before the grand court of the Cayman Islands, where much of al Sanea’s business was registered, show that Grant Thornton, the liquidator to the biggest Saad businesses there, is planning an action to retrieve that amount from the family partnership. The assets, Grant Thornton claims, are in the form of financial instruments, cash and land in Saudi Arabia.

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