Simmons, Withers and Linklaters advise on $9.2bn Saudi fraud case
Simmons & Simmons, Withers and Linklaters are among a raft of firms advising in connection with a multibillion-pound fraud case in Saudi Arabia. The case, which has prompted mounting criticism from creditors of the two defaulting Saudi conglomerates at the heart of the scandal, is threatening to further dent business confidence in the Middle East region.
January 19, 2010 at 09:13 PM
2 minute read
Multibillion-pound Saudi fraud case hands roles to raft of UK firms
Simmons & Simmons, Withers and Linklaters are among a raft of firms advising in connection with a multibillion-pound fraud case in Saudi Arabia.
The case, which has prompted mounting criticism from creditors of the two defaulting Saudi conglomerates at the heart of the scandal, is threatening to further dent business confidence in the Middle East region.
The $9.2bn (£5.6bn) fraud case has seen the Algosaibi family, which owns the Ahab conglomerate, sue Maan Al-Sanea, the billionaire businessman who founded the Saad group, for allegedly defrauding the company through falsified documents. The two companies are now reported to owe around $20bn (£12bn) to banks.
Al-Sanea, who denies the fraud allegations, has instructed a team from Simmons led by City litigation partner Richard Bunce. Offshore firm Appleby is also advising on the case, which is being held in the Cayman Islands, with a number of separate creditor law suits pending in London and New York.
Algosaibi has turned to US litigation firm Baach Robinson & Lewis as lead adviser, while top 30 UK firm Withers is advising on UK law aspects through a team led by City commercial litigation partner Andrew Ford. Mourant du Feu & Jeune is representing Algosaibi in the Caymans.
Linklaters has won a role advising Grant Thornton as liquidator of some Saad business units across jurisdictions including the UK and the Caymans.
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