The most significant fraud trial ever to be heard in the Cayman
Islands
Introduction
After a trial lasting a little over a year, the Chief Justice of
the Grand Court of the Cayman Islands has handed down judgment in
the case of AHAB v SICL & Others; the most significant
fraud trial, both in terms of value and length, ever to be heard in
the Cayman Islands. The Chief Justice dismissed AHAB's claims
and dismissed the counterclaims brought by two of the nine GT
Defendants.
The Chief Justice found that certain businesses of the Ahmad
Hamad Algosaibi Brothers partnership (or AHAB, the plaintiff in the
proceeding), including the Money Exchange (an unincorporated
division of AHAB), were used to perpetrate an enormous and
long-standing Ponzi scheme ("one of the largest...in
history") which defrauded more than a hundred banks. From
near the time of the establishment of the Money Exchange until its
collapse in May 2009, financial statements disseminated to the
lenders to
