Welcome!

News Feed Item

AHAB Settlement Proposal to Break Years of Deadlock; Financial Institutions Asserting Claims are Invited to May 7 Meeting in Dubai

WASHINGTON, April 1, 2014 /PRNewswire/ -- Ahmad Hamad Algosaibi & Brothers Company ("AHAB") announced today that it has invited financial institutions with claims against the company to attend a meeting in Dubai, UAE on May 7, 2014, at which AHAB will outline the terms of a comprehensive settlement agreement.

The move by AHAB breaks a stalemate that has existed since late 2009 when AHAB's last comprehensive proposal was rejected by financial institutions, many of which chose instead to pursue claims through litigation.  But now, after more than four years of litigation yielding few tangible results for banks, AHAB is set to propose comprehensive settlement terms to resolve the claims against it.

"AHAB is restructuring its business and the only way to move on from the massive borrowing fraud committed by Maan Al Sanea is to reach a comprehensive resolution with all banks with bona fide claims," said Simon Charlton, the Chief Restructuring Officer and Acting Chief Executive of AHAB.

AHAB has long sought a complete solution to the problem, which would include money recovered from Mr. Al Sanea, who borrowed billions of dollars without authority using forged documents and then siphoned the vast majority for his own use.  As the Chief Justice of the Cayman Islands, who issued a $2.5 billion default judgment against Al Sanea stated, there is clear evidence of "misappropriation on a massive scale."   

Since the scheme was discovered in May 2009, AHAB has proactively engaged with all of the local, regional, and global banks involved, making clear its desire to negotiate a collective settlement, while actively pursuing Mr. Al Sanea in the United States, the Cayman Islands (where his offshore companies were headquartered) and Saudi Arabia, where he moved the bulk of his assets at the time of the crisis.  

"AHAB believes now is the time to reach a comprehensive solution and is prepared to offer a substantial portion of its assets to achieve that goal," Mr. Charlton added.  "We look forward to a productive dialogue and process that results in a fair agreement for all stakeholders."

The proposed settlement will be based on AHAB's existing assets and funds that can be recovered in the future from Mr. Al Sanea. The trail has now led back to Saudi Arabia, where AHAB continues to pursue cases against Al Sanea for misappropriation of monies, fraud, return of shares, and other damages. 

In addition, claims against Al Sanea's companies, which are now in liquidation, will continue to trial in the Cayman Islands following AHAB's defeat of various strike out attempts by the defendants.  Finally, AHAB is seeking redress against two Saudi Arabian banks that foreclosed on significant share portfolios, apparently at a time when AHAB's shares should have been frozen by Royal Order.

Financial institutions asserting claims against AHAB are asked to contact the company at [email protected] as soon as possible for further details regarding the May 7, 2014 meeting.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing bes...
Artificial intelligence, machine learning, neural networks. We’re in the midst of a wave of excitement around AI such as hasn’t been seen for a few decades. But those previous periods of inflated expectations led to troughs of disappointment. Will this time be different? Most likely. Applications of AI such as predictive analytics are already decreasing costs and improving reliability of industrial machinery. Furthermore, the funding and research going into AI now comes from a wide range of com...
In this presentation, Striim CTO and founder Steve Wilkes will discuss practical strategies for counteracting fraud and cyberattacks by leveraging real-time streaming analytics. In his session at @ThingsExpo, Steve Wilkes, Founder and Chief Technology Officer at Striim, will provide a detailed look into leveraging streaming data management to correlate events in real time, and identify potential breaches across IoT and non-IoT systems throughout the enterprise. Strategies for processing massive ...
SYS-CON Events announced today that GrapeUp, the leading provider of rapid product development at the speed of business, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market acr...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
SYS-CON Events announced today that Ayehu will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on October 31 - November 2, 2017 at the Santa Clara Convention Center in Santa Clara California. Ayehu provides IT Process Automation & Orchestration solutions for IT and Security professionals to identify and resolve critical incidents and enable rapid containment, eradication, and recovery from cyber security breaches. Ayehu provides customers greater control over IT infras...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business...
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
What's the role of an IT self-service portal when you get to continuous delivery and Infrastructure as Code? This general session showed how to create the continuous delivery culture and eight accelerators for leading the change. Don Demcsak is a DevOps and Cloud Native Modernization Principal for Dell EMC based out of New Jersey. He is a former, long time, Microsoft Most Valuable Professional, specializing in building and architecting Application Delivery Pipelines for hybrid legacy, and cloud ...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
21st International Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Me...
Join us at Cloud Expo June 6-8 to find out how to securely connect your cloud app to any cloud or on-premises data source – without complex firewall changes. More users are demanding access to on-premises data from their cloud applications. It’s no longer a “nice-to-have” but an important differentiator that drives competitive advantages. It’s the new “must have” in the hybrid era. Users want capabilities that give them a unified view of the data to get closer to customers and grow business. The...
"We focus on composable infrastructure. Composable infrastructure has been named by companies like Gartner as the evolution of the IT infrastructure where everything is now driven by software," explained Bruno Andrade, CEO and Founder of HTBase, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Cloud Academy named "Bronze Sponsor" of 21st International Cloud Expo which will take place October 31 - November 2, 2017 at the Santa Clara Convention Center in Santa Clara, CA. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud com...