Saudi billionaire battle between Al Gosaibi and Al Sanea tossed out of New York court



New York’s highest state court has ruled that a lawsuit by the Al Gosaibi family conglomerate, claiming that a Saudi billionaire who married into the family committed a US$150 million fraud, should be heard in Saudi Arabia.

In the lawsuit, Ahmed Hamad Al Gosaibi & Brothers Co claimed that Maan Al Sanea, the billionaire head of the Saad Group, used its accounts with Dubai-based Mashreq Bank to commit fraudulent foreign exchange trades executed in New York.

The suit is part of a global legal battle in which the Al Gosaibi family claims that Mr Al Sanea, who married into the family 30 years ago, defrauded it of billions of dollars after he was put in charge of its financial businesses.

Mr Al Sanea and the Saad Group have denied wrongdoing.

Reversing a lower court, the New York Court of Appeals on Tuesday dismissed the Mashreq claims, saying the fact that the allegedly fraudulent trades were executed in New York did not give the state’s courts jurisdiction over the case.

“New York’s interest in its banking system is not a trump to be played whenever a party to such a transaction seeks to use our courts for a lawsuit with little or no apparent contact with New York,” the judge, Robert Smith, wrote for the court.

Because the suit involved a Saudi company, a Saudi citizen and an alleged fraud committed in Saudi Arabia, he said, “the jurisdiction with the greatest interest in resolving the issues ... is clearly Saudi Arabia”.

Mr Al Sanea’s lawyer, Richard Serio of Gibson, Dunn & Crutcher, said he was pleased with the decision.

“It marks the likely end of nearly five years of burdensome and unnecessary litigation in New York,” he said.

Lawyers for Al Gosaibi & Brothers and Mashreq did not immediately return requests for comment.

In 2009, Mr Al Sanea’s Awal Bank and the Al Gosaibi family’s International Banking Corp collapsed with an estimated $22bn owed to more than 100 banks, including Deutsche Bank, HSBC and Société Générale.

Since then, the Al Gosaibi family and Mr Al Sanea have faced off in courts in New York, Saudi Arabia, Bahrain, London, the Cayman Islands and Geneva.

Mashreq sued the Al Gosaibi family in a New York court in 2009, seeking to recover $150m in foreign exchange trades executed in New York. Those funds eventually were transferred into an account controlled by Mr Al Sanea, according to the bank’s lawsuit.

The Al Gosaibis then filed a lawsuit in New York against Mr Al Sanea, claiming he and Awal Bank had used Al Gosaibi accounts as part of a massive fraud. The Al Gosaibis also asserted in court filings that Mashreq Bank aided Mr Al Sanea in the alleged scheme, according to the Tuesday’s decision.

The two lawsuits were dismissed in 2010 by a state supreme court justice, Richard Lowe, who granted Mr Al Sanea’s request to toss out the case against him, saying it did not properly belong in New York state court. As a result, he also dismissed the lawsuit brought by Mashreq, since the two cases were closely intertwined.

In a 3-2 ruling in 2012, an intermediate state appeals court reversed that decision, ruling that New York was an appropriate forum for the complaints. The Court of Appeals on Tuesday unanimously reversed the 2012 ruling.

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Heavily-sugared soft drinks slip through the tax net

Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.

Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.

A 680ml can of Arizona Iced Tea costs just Dh6.

Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.

The Iron Claw

Director: Sean Durkin 

Starring: Zac Efron, Jeremy Allen White, Harris Dickinson, Maura Tierney, Holt McCallany, Lily James

Rating: 4/5

Cinco in numbers

Dh3.7 million

The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown

46

The number, in kilograms, that Swarovski’s wedding gown weighed.

1,000

The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]

50

How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday

3,000

The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.

1.1 million

The number of followers that Michael Cinco’s Instagram account has garnered.

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Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices

Hidden killer

Sepsis arises when the body tries to fight an infection but damages its own tissue and organs in the process.

The World Health Organisation estimates it affects about 30 million people each year and that about six million die.

Of those about three million are newborns and 1.2 are young children.

Patients with septic shock must often have limbs amputated if clots in their limbs prevent blood flow, causing the limbs to die.

Campaigners say the condition is often diagnosed far too late by medical professionals and that many patients wait too long to seek treatment, confusing the symptoms with flu. 

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Best Male black belt: Lucas Protasio (BRA)
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Best Masters black belt: Igor Silva (BRA)
Best Asian Jiu-Jitsu Federation: Kazakhstan
Best Academy in UAE: Commando Group, Abu Dhabi
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African Player of the Year: Katiuscia Yasmira Dias (GNB)
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Rating: 2/5

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Manchester United 1 (Greenwood 77')

Everton 1 (Lindelof 36' og)

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Director: Zack Snyder

Stars: Dave Bautista, Ella Purnell, Omari Hardwick, Ana de la Reguera

Three stars

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UAE squad Rohan Mustafa (captain), Chirag Suri, Shaiman Anwar, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Saqlain Haider, Ahmed Raza, Mohammed Naveed, Imran Haider, Qadeer Ahmed, Mohammed Boota, Amir Hayat, Ashfaq Ahmed

Fixtures Nov 29-Dec 2

UAE v Afghanistan, Zayed Cricket Stadium, Abu Dhabi

Hong Kong v Papua New Guinea, Sharjah Cricket Stadium

Ireland v Scotland, Dubai International Stadium

Namibia v Netherlands, ICC Academy, Dubai

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Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

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Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

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Director: Ayan Mukerji

Stars: Ranbir Kapoor, Alia Bhatt and Amitabh Bachchan

Rating: 2/5

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Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

Tips to keep your car cool
  • Place a sun reflector in your windshield when not driving
  • Park in shaded or covered areas
  • Add tint to windows
  • Wrap your car to change the exterior colour
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UK - UAE Trade

Total trade in goods and services (exports plus imports) between the UK and the UAE in 2022 was £21.6 billion (Dh98 billion). 

This is an increase of 63.0 per cent or £8.3 billion in current prices from the four quarters to the end of 2021.

 

The UAE was the UK’s 19th largest trading partner in the four quarters to the end of Q4 2022 accounting for 1.3 per cent of total UK trade.

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CABINET OF CURIOSITIES EPISODE 1: LOT 36

Director: Guillermo del Toro
Stars: Tim Blake Nelson, Sebastian Roche, Elpidia Carrillo
Rating: 4/5

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Starring: Aslihan Gürbüz, Fatih Artman, Cihat Suvarioglu
Rating: 4/5

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8.50pm: Handicap; Dh185,000; (D) 1,600m​​​​​​​
9.25pm: Handicap; Dh165,000; (D) 2,000m

Why does a queen bee feast only on royal jelly?

Some facts about bees:

The queen bee eats only royal jelly, an extraordinary food created by worker bees so she lives much longer

The life cycle of a worker bee is from 40-60 days

A queen bee lives for 3-5 years

This allows her to lay millions of eggs and allows the continuity of the bee colony

About 20,000 honey bees and one queen populate each hive

Honey is packed with vital vitamins, minerals, enzymes, water and anti-oxidants.

Apart from honey, five other products are royal jelly, the special food bees feed their queen 

Pollen is their protein source, a super food that is nutritious, rich in amino acids

Beewax is used to construct the combs. Due to its anti-fungal, anti-bacterial elements, it is used in skin treatments

Propolis, a resin-like material produced by bees is used to make hives. It has natural antibiotic qualities so works to sterilize hive,  protects from disease, keeps their home free from germs. Also used to treat sores, infection, warts

Bee venom is used by bees to protect themselves. Has anti-inflammatory properties, sometimes used to relieve conditions such as rheumatoid arthritis, nerve and muscle pain

Honey, royal jelly, pollen have health enhancing qualities

The other three products are used for therapeutic purposes

Is beekeeping dangerous?

As long as you deal with bees gently, you will be safe, says Mohammed Al Najeh, who has worked with bees since he was a boy.

“The biggest mistake people make is they panic when they see a bee. They are small but smart creatures. If you move your hand quickly to hit the bees, this is an aggressive action and bees will defend themselves. They can sense the adrenalin in our body. But if we are calm, they are move away.”

 

 

HIV on the rise in the region

A 2019 United Nations special analysis on Aids reveals 37 per cent of new HIV infections in the Mena region are from people injecting drugs.

New HIV infections have also risen by 29 per cent in western Europe and Asia, and by 7 per cent in Latin America, but declined elsewhere.

Egypt has shown the highest increase in recorded cases of HIV since 2010, up by 196 per cent.

Access to HIV testing, treatment and care in the region is well below the global average.  

Few statistics have been published on the number of cases in the UAE, although a UNAIDS report said 1.5 per cent of the prison population has the virus.

COMPANY PROFILE


Company name: Clara
Started: 2019
Founders: Patrick Rogers, Lee McMahon, Arthur Guest, Ahmed Arif
Based: Dubai
Industry: LegalTech
Funding size: $4 million of seed financing
Investors: Wamda Capital, Shorooq Partners, Techstars, 500 Global, OTF, Venture Souq, Knuru Capital, Plug and Play and The LegalTech Fund


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