CaribWorldNews, NEW YORK, NY, Fri. July 31, 2009: Some $9.2 billion in assets belonging to Saudi businessman, Maan al Sanea, has been ordered frozen by a Cayman Islands court.
The ruling comes in response to a complaint filed by Ahmad Hamad Algosaibi and Brothers, another Saudi company that is embroiled in a bitter dispute with Sanea, the owner of Saad Group, FT.com reports indicate.
The court order appointed receivers over the Saad Cayman companies and said an injunction was granted against the defendants `prohibiting disposal of the assets worldwide`.
Saad on Thursday night told the FT: `Ahab`s application for the Cayman orders represents a continuation of the baseless campaign it has chosen to wage, utilizing the media to circulate false claims about Saad Group and its chairman. Saad will respond to all of these claims through the proper judicial process and definitively demonstrate their lack of any foundation. The claims have been made before a full investigation has taken place and rely on partial and incomplete information.`