Cayman judge says Saudi may be proper place for suit

| 28/07/2010

(Bloomberg): Saudi Arabia may be a more appropriate location for claims in a lawsuit filed in the Cayman Islands against Saudi billionaire Maan al-Sanea by members of the kingdom’s Algosaibi family, according to a court decision. In the lawsuit, the Algosaibi group alleged Al-Sanea misappropriated $9.2 billion from the group’s units in part to fund his Saad Group of Companies. Al-Sanea has denied any wrongdoing, saying Algosaibi was aware of the borrowing. [Chief Justice Anthony] Smellie stayed the litigation until a committee appointed by the Saudi government rules on related petitions made there by the Algosaibi family.

Print Friendly, PDF & Email

Category: Business

About the Author ()

Comments (2)

Trackback URL | Comments RSS Feed

  1. Anonymous says:

    It seems from the Compass headline today that the Chief Justice needs to pay a bit more attention to the administration of the Judiciary since his Chief Officer and his CFO have been breaking the Public Management and Finance Law (not the PSML as the Compass reported). A poor and embarrassing example. Are you going to report on it CNS? It shows again the total disregard of certain paid civil servants for the legal requirements of their job. So they will be disciplined even fired  – right? Erm, ahem, well you see, er…. Over to you Head of the Civil Service.If it’s ok for the Judiciary to say to hell with the way we report things and bugger the PMFL, what’s the point in anyone complying? This is actually important, folks, though not as "exciting"as other news items just now.

    • Anonymous says:

      I was wondering about CNS reporting on this as well………. What happen? This is the only comment from someone who seems to know he (or she) is talking about!!  Would love to hear more about this, this is serious!!