Saudi billionaire to challenge Cayman court

| 02/08/2009

(Bloomberg): Maan al-Sanea, the Saudi billionaire who had $9.2 billion worth of assets frozen by the Cayman Islands court last week, plans to challenge the order as his dispute with Ahmad Hamad Algosaibi & Brothers Co. intensifies. The court order on 24 July froze the assets of 42 entities related to al-Sanea, including Saad Group Ltd. and Saad Air Ltd placing them under receivership. A hearingdate will be set after August 28, according to the court document. “Saad will respond fully to all of these claims through the proper judicial process and definitively demonstrate their lack of any foundation,” a London-based spokesman for al- Sanea’s Saad Group said.

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