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Saad Group to challenge US$9.2 billion asset freeze
Source: BI-ME and Bloomberg , Author: BI-ME staff
Posted: Sun August 2, 2009 1:44 pm
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INTERNATIONAL.  Maan al Sanea, the Saudi billionaire at the centre of a fraud investigation, plans to challenge a Cayman Islands court order that froze US$9.2 billion of his assets, as his dispute with Ahmad Hamad Algosaibi & Brothers intensifies.

“Saad will respond fully to all of these claims through the proper judicial process and definitively demonstrate their lack of any foundation,” a London-based spokesman for al- Sanea’s Saad Group said in an statement. “The claims have been made before a full investigation has taken place and rely on partial and incomplete information.”

In a separate lawsuit to the New York State Supreme Court on 22 May 22, Algosaibi Group accused al-Sanea of falsifying documents to obtain US$10 billion in funds for personal use. Algosaibi group, a family run holding company that’s restructuring its debt, owes a total of SAR34 billion (US$9 billion) in syndicated and bilateral loans, two people familiar with the situation said on 26 June.

The court in the Cayman Islands issued the order “at a hearing without notice to the defendants,” according to the court document. Al-Sanea and the related entities must inform AHAB of the locations of any assets in excess of US$10,000.

The court proceedings in the Cayman Islands are being closely watched by banks in the Gulf, which are owed as much as US$20 billion by the Saad Group and Al Gosaibi.

Al Sanea had his accounts frozen by the Saudi Arabian Monetary Agency on 28 May. The Saudi central bank did not give a reason for the action.

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