The National (Abu Dhabi) carries a hugely intriguing story about a new US$8.2 billion claim against the Algosaibi family’s assets.
According to the newspaper, documents before the Grand Court of the Cayman Islands show that Grant Thornton, the liquidator to the Saad company businesses registered there, is “planning an action to retrieve that amount from the family [Algosaibi] partnership. The assets, Grant Thornton claims, are in the form of financial instruments, cash and land in Saudi Arabia.”
News of this claim would be a huge development in its own right, but it is the wider implications of this counter-claim that could be of major significance. As The National makes clear:
“Grant Thornton has previously been regarded as supportive of the al Gosaibi family's claims that it was the victim of a $10bn fraud perpetuated by Mr al Sanea, which he has consistently denied.
“The liquidator was appointed by the court to act for creditors of the Saad companies.
“The court document shows that Grant Thornton will contest Al Gosaibi's claim to be a fraud victim, and will say the partnership or individuals within it had knowledge and gave approval to Mr al Sanea in his business dealings.”
The potential importance of this new twist cannot be overstated. The Algosaibi case against Saad rests upon their accusation of a fraud perpetuated against them. With this reported counter-claim, Grant Thorton – independently appointed – appears to be arguing that it believes that the accusations against Saad are those that can be fought and won.
The last word on this issue should go to Steven Akers, the head of Grant Thornton’s recovery and reorganisation practice, quoted by The National:
"We have determined on advice that we have a robust defence to the claims against Saad entities and will be filing a substantial defence and very substantial counterclaim in this action."
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