Cayman lifts $9.2B asset freeze says Saudi group

| 23/09/2011

(Washington Post): The billionaire founder of one of Saudi Arabia’s largest conglomerates said Thursday an order freezing $9.2 billion of his assets was lifted by a Cayman Islands court, in the latest twist in a legal battle in which another Saudi conglomerate alleges he defrauded it of billions of dollars. Saad Group founder Maan al-Sanea said in an e-mailed statement that the court also ordered that Ahmad Hamad Al-Gosaibi and Brothers Co., or AHAB, cover his legal fees related to the asset freezing order. He also said the court would hold hearings to assess other potential damages.

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Category: Finance

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