Progress in Algosaibi Settlement - Seite 2

AHAB, along with those Claimants that have agreed claims, intends to present the terms of the proposed settlement to the JDEK for its consideration.  AHAB has stated publicly since 2009 that it seeks a comprehensive and fair resolution of all outstanding claims, and it believes the proposed settlement presents the best opportunity for Claimants to resolve claims and maximize their recoveries. 

AHAB remains committed to its aggressive pursuit of Maan Al Sanea and his Saad companies for the billions of dollars in funds misappropriated by them. The Company believes that significant amounts will become available from this litigation and, as AHAB intends to make these amounts available for distribution to Claimants, it will materially increase the recoveries to Claimants above amounts that might otherwise be available outside the terms of the proposed settlement.

The Company is moving ahead with its civil claims against Al Sanea in Saudi Arabia, seeking the return of: billions of dollars wrongfully taken by him using fraudulent cheques and electronic transfers; and bank shares and accrued dividends that Al Sanea wrongfully retained after his businesses collapsed.  Al Sanea has refused to answer the merits of the claims, instead using various delay tactics such as meritless jurisdictional defenses and repeated adjournments. 

Additionally, the Company's case in the Cayman Islands against a number of Al Sanea's offshore shell companies (now in liquidation) is scheduled for trial this summer.  The biggest group of defendants in that case was recently forced to recognize the implausibility of its counterclaim – and amend its pleading – after it was discovered that the initial allegations relied on forged documents and faked real estate transactions.  Now, seven years after AHAB filed the case, the Court will finally hear the evidence, which will show that Al Sanea wrongfully borrowed and directed billions of dollars from accounts in AHAB's name into his Cayman Islands shell companies.  AHAB has already obtained an interim judgment against Al Sanea personally for $2.5 billion, a case in which the Chief Judge of the Cayman Islands court concluded the evidence against Al Sanea demonstrates "misappropriation on a massive scale."