Al Gosaibi Asset Recovery
Asset recovery project against Maan Al Sanea and his Saad Group concerning well-publicised US$9.2 billion fraud actions.
Acting for AHAB, a large group of companies run by the Al Gosaibi family, in their claims against Mr Al Sanea and his Saad Group concerning his role in an alleged fraud resulting in losses of at least US$9 billion.
AHAB contends that Mr Al Sanea used his position (as the head of a division of the company) to borrow hundreds of billions of dollars in the company’s name – using forged banking documents – and then misappropriated some of the proceeds. AHAB contends that at least US$6 billion was stolen by Mr Al Sanea.
LK works with a global team of lawyers and forensic accountants to coordinate the investigation into the fraud and the tracing of misappropriated assets, including in Saudi Arabia, the United Arab Emirates, Switzerland and the Cayman Islands. Further, our team is working with foreign prosecutors and authorities in an effort to pursue charges against Mr Al Sanea.