Grand Court of the Cayman Islands Issues $2.5 Billion Payment Order Against Maan Al Sanea in Algosaibi Fraud Case

WASHINGTON, Aug. 1, 2012 /PRNewswire/ -- The Grand Court of the Cayman Islands issued an order in favor of Ahmad Hamad Algosaibi & Brothers (AHAB) directing Maan Al Sanea to pay AHAB $2.5 billion. The Order follows an interim ruling, issued last month by the same court, which held that AHAB would be entitled to recover at least $2.5 billion from Mr Al Sanea. That ruling required AHAB to make certain amendments to its claim against Al Sanea before an order directing payment would be made.

The Court's previous ruling was entered after Mr Al Sanea refused to present a defense and defaulted in the case. That ruling relied heavily on affidavit evidence submitted by Simon Charlton of Deloitte and found that AHAB had presented "compelling" evidence of "a pattern of massive payments to [Al Sanea's] Saad Group (at times running at an average of well over $1 million per day)."   The Court found these payments, which were directed by Al-Sanea, to be "inexplicable having regard to the nature of AHAB's business" and declared that AHAB's allegations that Al Sanea misappropriated billions of dollars were "now deemed proven against Mr Al Sanea."

The Order rendered today by the Cayman Court requires to Al Sanea to make a $2.5 billion payment on account to AHAB and is enforceable immediately against his assets. As is required under the Cayman procedures, AHAB will be permitted to make a final quantification of its losses at the end of the case against Mr Al Sanea and other parties on their claim, and, based on that final quantification, Al Sanea is likely to owe more to AHAB.

"Although Mr Al Sanea has stated repeatedly that he is eager to defend himself in court, when given an opportunity, he did not do so," said Eric Lewis, AHAB's chief legal coordinator. "If Mr Al Sanea had evidence to contradict AHAB's detailed forensic evidence of massive misappropriation, he would surely have presented it.  His failure to offer any explanation of what happened to the billions of dollars he siphoned from AHAB to his own use speaks volumes."