IslamicFinance.de

After only a month since the UK court lifted a $9.2 billion freeze on the assets of Maan Al Sanea, the legal battle between Saudi Arabia’s Algosaibis and Maan Al Sanea seems to be heating up once again.
Al Sanea, facing criminal and civil proceedings relating to billions of dollars allegedly defrauded from his wife’s family the Algosaibis, won a big break after the Cayman and UK courts lifted a freeze against his assets.
But a few days ago the Grand Court of the Cayman Islands granted a default judgement in favour of plaintiff Ahmad Hamad Algosaibi & Brothers (AHAB) in a case filed by the Algosaibis against Saad Investments Co. and Al Sanea, among others.
The court, through the order filed on November 7, 2011, “adjudged that the Plaintiff [AHAB] do have judgment against the 2nd defendant [Al Sanea] for damages for conspiracy and breach of fiduciary duty to be assessed together with such costs to be taxed if not agreed.”