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.

Go to article

Print Friendly, PDF & Email

Category: Finance

Comments are closed.