AlQabas reports that the Saudi Administrative Court for the Eastern Province rejected a lawsuit raised by Ahmad Hamad AlGosaibi and Brothers Company ("AHAB") against Mr. Maan Al Sanea citing lack of jurisdiction and competence to hear the case.
In the case AHAB was seeking 43 million shares of SAMBA plus earnings thereon of some SAR1 billion (US$266.6 million) which it claims are in Mr. AlSanea's possession but which it asserts belong to it.
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5 comments:
How do u have time to write all these posts? Do u study or work in DC?
I'm told many attribute it to a keen intellect, the ability to focus with laser-like precision and a demonstrated skill in time management. Personally, I'm not so sure.
Work without study is empty.
While the case against Al Sanea was certainly deferred to another court, the report that said it was based on the lack of competence is simply not accurate. The board of grievances that ruled on the matter is set up to handle business-to-business matters. Because this particular case features an individual accused of committing a crime (Maan Al Sanea) the case was differed to the Sharia court, which it deems to be the proper venue.
Anonymous 2
Thanks your comment. It helps fill in the story.
Any idea why AHAB's lawyers filed in the "wrong" court?
Rookie mistake?
Or just covering all the bases?
I am not too sure that the suit (wherever filed) will do much good. I suspect that the shares in question will have been pledged as collateral for loans either from banks in KSA or from foreign banks lending to the Geneva-based SICL (which held a lot of bank shares and which was also a major funding vehicle - all on a secured basis)
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