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International fraud trial begins soon

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A multi-billion dollar international fraud trial begins next Monday (18 July) in Grand Court that will involve more than 5 million documents, dozens of attorneys and court facilities that required retrofitting to accommodate the complex claims and counter-claims.

The case will be presided over by Chief Justice Anthony Smellie, QC, who says the court must rise to the challenge of administering a trial of this size.

“Our reputation as a leading financial centre depends on our ability to resolve these cases in a timely and effective manner, he said.

According to information from the Cayman Islands Judicial Administration, the case involves a dispute centered around AHAB, a Saudi Arabia-based family business, and the defendant, Mr. Maan Al-Sanea, who is married to a daughter of an AHAB founder. He is alleged to have, over a period of more than 20 years, negotiated substantial loans on the strength of the AHAB name. The family behind AHAB alleges it has been the victim of a $9.2 billion fraud. The trial includes Cayman Islands companies reportedly established by Mr. Al-Sanea as well as lending institutions based in Cayman, Saudi Arabia, Switzerland, London, New York and elsewhere. The litigation team includes four different Cayman firms along with dozens of attorneys from London and elsewhere.

The court has blocked out seven months for the trial and up to three months for deliberations and judgment.

About the author

Patrick Kreitlow

Patrick Kreitlow

Pat Kreitlow joined the Cayman 27 staff in October 2015. For nearly a decade, Pat was a familiar presence in living rooms across western Wisconsin where he was a reporter and nightly news anchor at WEAU-TV. He later served his neighbors as a state senator. When he and his wife Sharry became “empty nesters,” they moved to Grand Cayman in early 2014. They have two daughters and two grandsons.

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