INSOL World: A Cauldron of Fraud – AHAB v SICL & Ors

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In a landmark ruling for the Cayman Islands jurisdiction, the Honourable Chief Justice Smellie of the Grand Court, on 31 May 2018, emphatically dismissed a multi-billion dollar claim in the case of Ahmad Hamad Algosaibi & Brothers Company (AHAB) v SICL & Ors, involving allegations of fraud arising from one of the largest corporate collapses of the financial crisis. This case rivalled, if not surpassed in respects, the notorious Madoff Ponzi scheme which was also uncovered during the financial crisis, and has been described, both in terms of length and value, as the most substantial trial ever to be heard in the Cayman Islands. This article looks at the global scope of the dispute which led to the Cayman judgment. Download the PDF to read more.