Fresh suits filed in Cayman Islands in Saudi dispute
(Financial Times): A multibillion-dollar dispute between two of Saudi Arabia’s largest family-owned conglomerates is set to intensify, with fresh suits filed or about to be filed in California and the Cayman Islands. Saad Group, which is owned by Saudi billionaire Maan al-Sanea, and the Algosaibi family, one of the most prominent in the Gulf, have waged a legal battle across several continents since mid-2009, when it emerged that both were struggling to repay debts of more than $20bn. Ahmad Hamad Algosaibi and Brothers has accused Mr Sanea of “massive fraud” that it claims could amount to much as $10bn, and has launched legal actions in the Cayman Islands, New York and London against the Saudi billionaire and Saad Group. Mr Sanea, who is related to Ahab’s owners through marriage, has vigorously denied the allegations.
Category: Business
