March 11, 2013
/PRNewswire/ -- The Grand Court of the
has rejected the latest efforts by the Liquidators of
Maan al Sanea's
companies in the
to dismiss portions of
Ahmad Hamad Algosaibi
& Brothers' (AHAB) case. At a hearing in
, the Liquidators had requested that the court strike out AHAB's claims for recovery of stolen funds that were transferred to Mr. Al Sanea's
companies. With the exception of one small special purpose company, the court refused to dismiss AHAB's claims, directing that the case should move forward to trial against the primary companies.
, AHAB won a
interim default judgment against Mr. Al Sanea in the
. At the hearing in November, the Al Sanea company Liquidators also sought permission to appeal that judgment. The Cayman court's order denies any right to appeal on the grounds that such an appeal would have "no prospect for success" and would raise "no point of public importance."
The court requested that the parties agree to a schedule for discovery and trial in the proceeding, so that it will move forward in a timely manner. The next step will involve agreeing to a process for discovery and a schedule that will take the case to trial in approximately one year.
"After more than three years of procedural machinations, we look forward to moving into the trail phase of this case," said
, AHAB's chief legal coordinator. "
Maan Al Sanea's
companies in the
were instrumental to his multi-billion dollar global fraud, and their coffers remain filled with stolen funds that we intend to recover. "
AHAB continues to pursue the assets of
Maan Al Sanea
in courts around the world. In
court ruled that it has jurisdiction to hear AHAB's claim in respect of Mr. Al Sanea's fraud and money laundering.
For a copy of the judgment, please contact