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Saudi Arabia: Gosaibi and Sanea hit by fraud ruling

On 31 May, in a case involving a multi-billion dollar litigation that has been going on for almost a decade, Cayman Islands chief justice Anthony Smellie QC ruled there was a fraudulent conspiracy between the business empires of Maan Al-Sanea (MAS) and Ahmad Hamad Al-Gosaibi & Brothers (AHAB). The Gosaibis – which the once high-flying billionaire MAS had married into – had tried to argue they were victims of fraud by MAS and his Saad Group and were therefore not directly liable for claims made against them by their creditors.

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