A Saudi trading family accused its son-in-law of a $9 billion fraud, and a Cayman judge found the family had authorized him

Ahmad Hamad Al Gosaibi & Brothers (AHAB) was one of Saudi Arabia's oldest trading houses. Maan al-Sanea, who married into the Al Gosaibi family^†, ran its financial services division and built his own Saad Group. In 2009 both groups defaulted on billions owed to about 100 banks. In July 2009 AHAB sued al-Sanea in the Cayman Islands Grand Court, alleging he ran a fraud from inside the family business. The court froze $9.2 billion of Saad Group assets. In May 2018, after a long trial, the court issued a 1,348-page judgment. It called the scheme "one of the largest Ponzi schemes in history" but dismissed AHAB's $4 billion claim, finding the family "had at all times been privy to and authorized Al Sanea's activities." It also dismissed a $5.9 billion counterclaim. A separate judgment against al-Sanea personally stood. In 2019 a Saudi ruling cleared the way for creditors to be reimbursed. In December 2021 the Cayman Court of Appeal dismissed AHAB's appeal.