Dissecting Cayman Court’s ‘$126B Ponzi scheme’ ruling: AHAB v. al-Sanea et al

A recent Cayman Islands court judgment concerning “one of the largest Ponzi schemes in history” will be analyzed at next month’s OffshoreAlert Conference in London.

Chief Justice’s 1,348-page ruling in May in a decade-long family dispute over Saudi Arabia-based conglomerate Ahmad Hamad Algosaibi & Brothers is considered to be landmark judgment for the offshore jurisdiction.

Our session will analyze the long-running dispute, what it says about the Grand Court of the Cayman Islands’ ability to handle complex litigation, key findings by the Chief Justice, and what it means for future litigation.

Participating in the session are attorney William Peake, of Harneys, and insolvency practitioners Nick Mathews, of Duff & Phelps, and Hugh Dickson, of Grant Thornton.

The 7th Annual OffshoreAlert Conference Europe on financial intelligence and investigations will take place at the Grange St. Paul’s Hotel, in London, on November 12-13th, 2018.

Tue Nov 13/ 9:15 AM – 10:30 AM  ( 1 Hour, 15 Min ) 
 

‘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.