La lecture en ligne est gratuite
Le téléchargement nécessite un accès à la bibliothèque YouScribe
Tout savoir sur nos offres
Télécharger Lire

Grand Court of the Cayman Islands Issues Interim Award in Algosaibi Fraud Case and Orders Maan Al Sanea to Pay $2.5 billion

2 pages

Grand Court of the Cayman Islands Issues Interim Award in Algosaibi Fraud Case and Orders Maan Al Sanea to Pay $2.

Publié par :
Ajouté le : 26 juin 2012
Lecture(s) : 18
Signaler un abus
Grand Court of the Cayman Islands Issues
Interim Award in Algosaibi Fraud Case and
Orders Maan Al Sanea to Pay $2.5 billion
PR Newswire
WASHINGTON, June 14, 2012
WASHINGTON
,
June 14, 2012
/PRNewswire/ -- The Grand Court of the
Cayman
Islands
issued a ruling in favor of Ahmad Hamad Algosaibi & Brothers (AHAB)
requiring Maan Al Sanea to pay AHAB
2.5 Billion dollars
, the amount requested
by AHAB as an interim payment. In a 35-page ruling the Chief Justice found
that AHAB would be entitled to recover at least 2.5B.
The Court's award was based on what it termed "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 ruling is a significant development in AHAB's recovery efforts against Maan
Al Sanea, who is also currently being charged with financial crimes in
Bahrain
in
relation to his massive fraud and is under investigation in
Switzerland
and
the
United States
.
The ruling follows a default judgment entered against Al Sanea in
November
2011
. Under
Cayman Islands
procedure, the holder of default judgment may
apply for an enforceable interim order for "a reasonable proportion of the
damages which in the opinion of the Court are likely to be recovered."
The ruling was based on the court's detailed review of the affidavit evidence of
Simon Charlton, the Deloitte partner who led the forensic investigation. The
ruling found that the specific forensic evidence of payments made from AHAB
to Mr. Al Sanea and companies under his control "remains unchallenged." AHAB
told the Court that it will undertake final quantification of their losses at the end
of the case against Mr. Al Sanea and other parties on their claim.
Although Mr. Al Sanea has repeatedly issued public statements denying AHAB's
charges, he declined to submit any defense to AHAB's claims in the Cayman
Court. Instead, he unsuccessfully disputed the Cayman court's jurisdiction,
losing in both the
Cayman Islands
Court of Appeal and Her Majesty's Privy
Council in
London
, the final appellate court.
"Maan Al Sanea has repeatedly said he is waiting for his day in court to defend
the charges against him. Clearly, he has not and cannot," said Eric Lewis,
AHAB's chief legal coordinator. "AHAB's forensic team provided compelling
affidavit evidence of misappropriation. Mr. Al Sanea cannot defend the fraud
charges on the merits and the court has acted accordingly. AHAB has
requested at this juncture an order for
$2.5 billion
to enable early action to be
taken, but expects a significantly larger final award when this case is ultimately
tried."
Un pour Un
Permettre à tous d'accéder à la lecture
Pour chaque accès à la bibliothèque, YouScribe donne un accès à une personne dans le besoin