Court orders $2.5bn payment to AHAB.

The Grand Court of the Cayman Islands issued an order in favour of Ahmad Hamad Algosaibi & Brothers (AHAB) directing Maan Al Sanea to pay them $2.5 billion.

The order follows an interim ruling last month by the same court, which held that AHAB would be entitled to recover at least $2.5 billion from Al Sanea.

That ruling required AHAB to make certain amendments to its claim against Al Sanea before an order directing payment would be made.

The previous ruling was entered after Al Sanea refused to present a defence and defaulted. That ruling relied heavily on affidavit evidence submitted by Simon Charlton of Deloitte.

It also found that AHAB had presented compelling evidence of a pattern of massive payments to Al Sanea's Saad Group.

The court found these payments, which were directed by Al Sanea, to be inexplicable with regard to the nature of AHAB's business. It declared that AHAB's allegations that Al Sanea misappropriated billions of dollars were deemed proven against him.

The order requires Al Sanea to make a $2.5 billion payment on account to AHAB and is enforceable immediately against his assets.

As is required under the Cayman procedures, AHAB will be permitted to make a final quantification of its losses at the end of the case against Al Sanea and other parties on their claim.

Claim and counter-claims about who owes who are a result of the collapse of two Bahraini banks - The International Banking Corporation and Awal Bank.

Investigators hired by the Bahraini authorities have examined the events leading to these collapses but have yet to make any announcements. -- TradeArabia News Service

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