Court freezes Saudi billionaire's assets
The Grand Court of the Cayman Islands has ordered a world-wide freeze of $9.2 billion in assets belonging to Saudi billionaire Maan al Sanea, according to court documents.
The decision is in response to a complaint filed with the Cayman court by Ahmad Hamad al Gosaibi & Brothers Co., or Ahab, as part of a dispute between Mr. Sanea's Saad Group and the Gosaibi family.
The claim is for sums Ahab alleges were raised from third-party financial institutions and misappropriated by Mr. Sanea and Saad Group. The Cayman court ordered the freezing of assets and appointed a receiver over Mr. Sanea and Saad Group Cayman companies.
The Cayman decision follows a separate suit Ahab filed July 15 in New York State Supreme Court, alleging Mr. Sanea "misappropriated approximately $10 billion." In the Manhattan suit, Ahab claims Mr. Sanea served as a senior executive at its financial-services unit, Money Exchange, where he "obtained loans frequently using forged or falsified documents and then diverted the funds received to his own use."
The Cayman Islands lawsuit lists 43 defendants, including Barclays PLC's Barclays Private Bank & Trust (Cayman) as well as Saad Investments Co., Awal Finance Co. and Singularis Holdings Ltd.
"Ahab's application for the Cayman orders represents a continuation of the baseless, yet public, campaign it has chosen to wage, utilizing the media to circulate false claims about Saad Group and its chairman," a Saad Group spokesman told Zawya Dow Jones. "Saad itself is working hard with its creditors to determine a fair resolution across the board of all current difficulties. It refuses to be distracted by spurious and scurrilous claims."
The Saudi conglomerates have faced heightened scrutiny from investors after details of financial difficulties at both emerged in May.
By Tim Falconer
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