Cayman court awards $2.5 billion in Saudi legal battle

(CNS Business): The Chief of Justice of the Cayman Islands ordered Saudi billionaire, Maan Al-Sanea, to pay the Algosaibi family $2.5 billion in a ruling handed down on 12 June. According to Mourant Ozannes, who were acting for the Algosaibis, this is the largest award of damages ever made by the Grand Court of the Cayman Islands. While the legal battle between Al-Sanea and his in-laws has been waged in across the globe since 2009, the Cayman Islands litigation is concerned with the claim that Al-Sanea misappropriated billions of dollars from the Algosaibi family whilst managing their financial services business and transferredthe proceeds into various Cayman Islands companies – claims that Al-Sanea has always vigorously denied. Read more on CNS Business