Subscribe Login
Jamaica Observer
ePaper
The Edge 105 FM Radio Fyah 105 FM
Jamaica Observer
ePaper
The Edge 105 FM Radio Fyah 105 FM
    • Home
    • News
      • Latest News
      • Cartoon
      • Central
      • North & East
      • Western
      • Environment
      • Health
      • International
      • #
    • Business
      • Social Love
    • Sports
      • Football
      • Basketball
      • Cricket
      • Horse Racing
      • World Champs
      • Commonwealth Games
      • FIFA World Cup 2022
      • Olympics
      • #
    • Entertainment
      • Music
      • Movies
      • Art & Culture
      • Bookends
      • #
    • Lifestyle
      • Page2
      • Food
      • Tuesday Style
      • Food Awards
      • JOL Takes Style Out
      • Design Week JA
      • Black Friday
      • #
    • All Woman
      • Home
      • Relationships
      • Features
      • Fashion
      • Fitness
      • Rights
      • Parenting
      • Advice
      • #
    • Obituaries
    • Classifieds
      • Employment
      • Property
      • Motor Vehicles
      • Place an Ad
      • Obituaries
    • More
      • Games
      • Jobs & Careers
      • Study Centre
      • Jnr Study Centre
      • Letters
      • Columns
      • Advertorial
      • Editorial
      • Supplements
      • Webinars
    • Home
    • News
      • Latest News
      • Cartoon
      • Central
      • North & East
      • Western
      • Environment
      • Health
      • International
      • #
    • Business
      • Social Love
    • Sports
      • Football
      • Basketball
      • Cricket
      • Horse Racing
      • World Champs
      • Commonwealth Games
      • FIFA World Cup 2022
      • Olympics
      • #
    • Entertainment
      • Music
      • Movies
      • Art & Culture
      • Bookends
      • #
    • Lifestyle
      • Page2
      • Food
      • Tuesday Style
      • Food Awards
      • JOL Takes Style Out
      • Design Week JA
      • Black Friday
      • #
    • All Woman
      • Home
      • Relationships
      • Features
      • Fashion
      • Fitness
      • Rights
      • Parenting
      • Advice
      • #
    • Obituaries
    • Classifieds
      • Employment
      • Property
      • Motor Vehicles
      • Place an Ad
      • Obituaries
    • More
      • Games
      • Jobs & Careers
      • Study Centre
      • Jnr Study Centre
      • Letters
      • Columns
      • Advertorial
      • Editorial
      • Supplements
      • Webinars
  • Home
  • News
  • Latest
  • Business
  • Cartoon
  • Games
  • Food Awards
  • Health
  • Entertainment
    • Bookends
  • Regional
  • Sports
    • Sports
    • World Cup
    • World Champs
    • Olympics
  • All Woman
  • Career & Education
  • Environment
  • Webinars
  • More
    • Football
    • Letters
    • Advertorial
    • Columns
    • Editorial
    • Supplements
  • Epaper
  • Classifieds
  • Design Week
News
July 14, 2016

Duplicate — Multibillion-dollar litigation

GEORGE TOWN, Cayman Islands (CMC – The largest trial in the history of this British overseas territory will get underway on Monday with billions of dollars at stake.

The case to be heard in Grand Court involves worldwide allegations of fraud, forgery and conspiracy arising from a credit crisis involving a large family conglomerate in the Middle East and financial institutions in Saudi Arabia, Bahrain, London, New York, Switzerland and the Cayman Islands.

To facilitate the start of the trial, the Cayman Islands courts have blocked out seven months, to be followed by two to three months for deliberations and writing of the judgment by the islands’ chief justice.

The litigation team comprises four different firms of local lawyers – Harneys, HSM Chambers, Mourant Ozannes and Walkers – who are instructing and assisting London counsel, and three different teams of liquidators .

The 30-to-40-member team has been assembled with the goal of finally resolving the tangle of complex claims and counter claims in a trial that many will be watching.

“As the trial progresses, the international financial community will be turning a critical eye towards the developments in the Cayman Islands,” said Shelley White, partner with Walkers.

She added: “As a result of the careful investment in the legal infrastructure by the Cayman Islands’ Government, and the focus of leading local law firms in attracting and cultivating high-calibre Caymanian and international attorneys, these proceedings will confirm the Islands’ status as a world-class jurisdiction in which to do business.”

She made particular reference to the establishment, in 2009, of the Financial Services Division of the Grand Court (FSD), a development that has resulted, she said, “in the Grand Court being expertly equipped to handle the particular needs of a matter of this size and sophistication”.

Outside of that general infrastructural preparedness, arrangements for the case of such all-round massive proportions have necessitated the discovery of five million documents, the procuring of data management technology housed in London and commissioned at a cost of millions of dollars, and the retrofitting of court facilities in Kirk House where the case will be heard.

Court administrator Suzanne Bothwell said preparations have included ongoing case management by the chief justice and liaison between her office and local law firms to ensure the court facilities are modified to accommodate the expansive case.

The first named defendant in the case is a Saudi billionaire of Kuwaiti origin, Maan Al-Sanea, who is the head of the Saad Group, a prominent Saudi investment company.

Al-Sanea, who is married to a daughter of a founder of AHAB, was put in charge of AHAB’s financial-services business following his marriage into the family.

The allegation is that over a 20-year period, Al-Sanea negotiated huge amounts of loans, most unsecured, on the strength of the AHAB name.

By 2009, crisis-weary banks stopped lending, and one by one AHAB defaulted on payments to them.

The Algosaibi family has alleged that it has been the victim of a massive US$9.2 billion fraud that it claims resulted from Al-Sanea’s manipulation of the affairs of AHAB’s finances.

Claims of fraud include allegations of forged documents and of the siphoning off of proceeds to Al-Sanea’s Saudi and Bahrani companies and then on to others established by him in the Cayman Islands.

These allegations are resisted by the liquidators of the Cayman companies, which are the active defendants to AHAB’s claims.

{"website":"website"}{"jamaica-observer":"Jamaica Observer"}
img img
0 Comments · Make a comment

ALSO ON JAMAICA OBSERVER

Fan dies after falling from stands at Nations League final
International News, Latest News
Fan dies after falling from stands at Nations League final
June 8, 2025
MUNICH, Germany (AFP) -- A spectator was killed after falling from the stands at the Nations League final between Portugal and Spain in Munich on Sund...
{"jamaica-observer":"Jamaica Observer"}
Portugal beat Spain on penalties to win Nations League
Latest News, Sports
Portugal beat Spain on penalties to win Nations League
June 8, 2025
MUNICH, Germany (AFP) -- Ruben Neves scored the decisive spot kick after Alvaro Morata missed as Portugal beat Spain 5-3 on penalties following a 2-2 ...
{"jamaica-observer":"Jamaica Observer"}
Farenough aims to carve out piece of Runaway Bay’s jerked food market
Business, Latest News
Farenough aims to carve out piece of Runaway Bay’s jerked food market
Howard Campbell 
June 8, 2025
Although a newcomer to the restaurant business, Dalian Clarke is aware of the numerous restaurants with jerked food on their menus. He knew that his F...
{"jamaica-observer":"Jamaica Observer"}
Navasky Anderson breaks his 800m national record in Baltimore
Latest News, Sports
Navasky Anderson breaks his 800m national record in Baltimore
June 8, 2025
KINGSTON, Jamaica — Olympian Navasky Anderson broke his own Jamaican men’s national record in the 800m after he ran 1:44.61 to win the event at the Mi...
{"jamaica-observer":"Jamaica Observer"}
Trump travel ban threatens life-saving surgeries for Haitian children, warns aid group
Latest News, Regional
Trump travel ban threatens life-saving surgeries for Haitian children, warns aid group
June 8, 2025
PORT-AU-PRINCE, Haiti (CMC) — A United States (US) based medical aid organisation is calling on the Donald Trump administration to reconsider a new tr...
{"jamaica-observer":"Jamaica Observer"}
Overturned gas truck causing delays at Mammee Bay toll plaza
Latest News, News
Overturned gas truck causing delays at Mammee Bay toll plaza
June 8, 2025
ST ANN, Jamaica — The police are advising the public not to enter the North-South Highway Mammee Bay toll plaza as a gas truck has overturned in the v...
{"jamaica-observer":"Jamaica Observer"}
12 held, $27m seized in major anti-lottery scam raids in St James
Latest News, News
12 held, $27m seized in major anti-lottery scam raids in St James
June 8, 2025
ST JAMES, Jamaica — Twelve individuals have been arrested in connection with the seizure of over $27 million in cash during a coordinated anti-lottery...
{"jamaica-observer":"Jamaica Observer"}
Alcaraz outlasts Sinner in all-time great French Open final
Latest News, Sports
Alcaraz outlasts Sinner in all-time great French Open final
June 8, 2025
PARIS, France (AFP) -- Carlos Alcaraz saved three championship points as he produced an astonishing fightback from two sets down to beat Jannik Sinner...
{"jamaica-observer":"Jamaica Observer"}
❮ ❯

Polls

HOUSE RULES

  1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper; email addresses will not be published.
  2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.
  3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.
  4. Please do not write in block capitals since this makes your comment hard to read.
  5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.
  6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.
  7. Lastly, read our Terms and Conditions and Privacy Policy

Recent Posts

Archives

Facebook
Twitter
Instagram
Tweets

Polls

Recent Posts

Archives

Logo Jamaica Observer
Breaking news from the premier Jamaican newspaper, the Jamaica Observer. Follow Jamaican news online for free and stay informed on what's happening in the Caribbean
Featured Tags
  • Editorial
  • Columns
  • Health
  • Auto
  • Business
  • Letters
  • Page2
  • Football
Categories
  • Business
  • Politics
  • Entertainment
  • Page2
  • Business
  • Politics
  • Entertainment
  • Page2
Ads
img
Jamaica Observer, © All Rights Reserved
  • Home
  • Contact Us
  • RSS Feeds
  • Feedback
  • Privacy Policy
  • Editorial Code of Conduct