'AHAB v. al-Sanea et al': An Analysis of Cayman's $126B Fraud Judgment
In a landmark ruling for the Cayman Islands in May, 2018, the jurisdiction's Chief Justice dismissed rival multi-billion dollar claims in a dispute between a Saudi Arabian family and a Kuwait-born businessman.
The case of 'Ahmad Hamad Algosaibi & Brothers Company v. Al-Sanea and others' involved allegations of a $126 billion fraud arising from one of the largest corporate collapses during the 2008 financial crisis.
In his 1,300-page ruling, Chief Justice Anthony Smellie described the scheme at the heart of the dispute as "one of the largest Ponzi schemes in history".
This session will analyze the long-running dispute, what it says about the Grand Court of the Cayman Islands' ability to handle complex litigation, the consequences of the judgment, and what it means for future litigation.
Managing Director, Disputes and Investigations, Duff & Phelps Ltd.
Partner, Grant Thornton (Cayman Islands)