A court in the Cayman Islands has rejected a move by Maan al Sanea, the Saudi Arabian businessman caught up in one of the Middle East's long-est-running corporate scandals, to delay the start of a fraud trial.
Mr al Sanea, whose Saad Group is involved in a bitter battle with the al Gosaibi business family of Saudi, wanted to appeal to London to have the case delayed in the Caymans pending a resolution in Saudi Arabia.
But a judgment by the island's appeal court, under its president Sir John Chadwick, rejected his application last week. Courts in the Caymans, a British overseas territory, are ultimately answerable to the UK's highest court, the Privy Council.
The ruling is a setback for Mr al Sanea, who has been trying to persuade authorities in the Caymans that allegations of fraud made against him by the al Gosaibis should be resolved in Saudi Arabia, and his assets in the Caymans unfrozen.
He has denied all the allegations and is contesting the jurisdiction of the Cayman Islands to hear the case.
In his judgment, Justice Chadwick agreed with an earlier Caymans ruling that "the Cayman Islands was the jurisdiction in which the claims in these proceedings could be appropriately tried in the interests of all parties".
The Caymans ruling may hasten a fraud trial against Mr al Sanea, but he still has the option to appeal directly to London over the heads of the Caymans' authorities.
Mr al Sanea's representatives declined to comment on the Caymans judgment, but he is said to be considering a direct appeal to the Privy Council. He has 56 days from the date of the judgment, last Monday, to decide.
A lawyer close to the proceedings said: "This is the Cayman court telling him to get on with it and defend himself."
The Caymans ruling is the latest legal twist in a saga that has led to action in courts in the US, Britain, other parts of Europe and the Gulf.
International and Middle East creditors are seeking the recovery of as much as US$20 billion (Dh73.46bn) in liabilities owed by Mr al Sanea and Ahmad Hamad Al Gosaibi & Brothers, the partnership that controls the family business from Al Khobar in eastern Saudi.
This week it was confirmed that Saudi banks had filed claims totalling $2.4bn against the Al Gosaibi group, as reported in The National last month. The largest claim is from Saudi Investment Bank, which is seeking the return of 2bn riyals (Dh1.95bn) from the Al Gosaibi group.
Eric Lewis, the lawyer acting for the al Gosaibis, said: "The family is committed to recovering these funds and to work with the banks towards a fair and just solution."
It is believed Mr al Sanea reached a deal with Saudi creditors last year, although there have been no details of the terms of any settlement.
Meanwhile, in Bahrain, where the affair first broke after the default of two banks connected to Mr al Sanea and the Al Gosaibi group in May 2009, the authorities are considering their next move.
Legal sources in Manama say the Bahrain public prosecutor is examining a report by the corporate investigations company Kroll into the events that led to the defaults.
Two Kroll executives and a Bahraini accountant conducted the investigation, commissioned by the public prosecutor, a year ago and completed their report at the end of November.
The public prosecutor's office and other representatives of the Bahrain government have so far declined to comment on the report, or on any action they might take as a result of its findings.
A legal source in Bahrain, who declined to be identified because of the sensitivity of the matter, said the report had been discussed with officials and lawyers in Saudi Arabia.
fkane@thenational.ae
Killing of Qassem Suleimani
The specs: 2018 Bentley Bentayga V8
Price, base: Dh853,226
Engine: 4.0-litre twin-turbo V8
Transmission: Eight-speed automatic
Power: 550hp @ 6,000pm
Torque: 770Nm @ 1,960rpm
Fuel economy, combined: 11.4L / 100km
The specs
Engine: 3.8-litre twin-turbo flat-six
Power: 650hp at 6,750rpm
Torque: 800Nm from 2,500-4,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 11.12L/100km
Price: From Dh796,600
On sale: now
EXPATS
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Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Tips to avoid getting scammed
1) Beware of cheques presented late on Thursday
2) Visit an RTA centre to change registration only after receiving payment
3) Be aware of people asking to test drive the car alone
4) Try not to close the sale at night
5) Don't be rushed into a sale
6) Call 901 if you see any suspicious behaviour
The%20Emperor%20and%20the%20Elephant
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Results
%3Cp%3E%3Cstrong%3EStage%202%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Soudal%E2%80%93Quick-Step%20-%2018%E2%80%9911%E2%80%9D%3Cbr%3E2.%20EF%20Education%20%E2%80%93%20EasyPost%20-%201%22%3Cbr%3E3.%20Ineos%20Grenadiers%20-%203%22%3Cbr%3E%3Cstrong%3EGeneral%20classification%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Lucas%20Plapp%20(AUS)%20Ineos%20Grenadiers%3Cbr%3E2.%20Remco%20Evenepoel%20(BEL)%20Soudal%E2%80%93Quick-Step%20-%20ST%3Cbr%3E3.%20Nikias%20Arndt%20(GER)%20Bahrain%20Victorious%20-%203%22%3C%2Fp%3E%0A
SCHEDULE FOR SHOW COURTS
Centre Court - from 4pm (UAE time)
Angelique Kerber (1) v Irina Falconi
Martin Klizan v Novak Djokovic (2)
Alexandr Dolgopolov v Roger Federer (3)
Court One - from 4pm
Milos Raonic (6) v Jan-Lennard Struff
Karolina Pliskova (3) v Evgeniya Rodina
Dominic Thiem (8) v Vasek Pospisil
Court Two - from 2.30pm
Juan Martin Del Potro (29) v Thanasi Kokkinakis
Agnieszka Radwanska (9) v Jelena Jankovic
Jeremy Chardy v Tomas Berdych (11)
Ons Jabeur v Svetlana Kuznetsova (7)
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Killing of Qassem Suleimani