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

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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.

‘AHAB v. al-Sanea et al’: An Analysis of Cayman’s $126B Fraud Judgment is one of 17 sessions taking place at next month’s OffshoreAlert Conference in London. The conference will cover a broad range of topics concerning high-value international finance that are aimed at investigators, providers, and buyers of products and services.
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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.

Hugh Dickson

Managing Director | Recovery & Reorganisation
Grant Thornton Specialist Services (Cayman) Limited

Hugh has 20 years of experience in corporate finance, with particular emphasis in restructuring, insolvency and the financial sector.


Nick Matthews

Managing Director
Duff & Phelps

Nick has over 20 years of experience leading significant international projects, involving teams in the UK, Europe, Caribbean and the USA. A particular focus of Nick’s work has been the offshore financial sector. Nick also has experience providing financial crime advisory services, including anti-money laundering and anti-bribery and corruption.


William Peake

Partner
Harneys

William is the lead partner acting for the official liquidators of a Cayman SPV in relation to the US$9.2bn Saad litigation. This was the longest running trial and most high value case ever litigated in the Cayman Islands Grand Court. The decision handed down in May 2018 dismissed the Plaintiff’s case in its entirety reflecting a resounding success for Harneys’ client.

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