The Grand Court of the Cayman Islands issued an order in favour of Ahmad Hamad Algosaibi & Brothers (AHAB) directing Maan Al Sanea to pay them $ 2.5 billion.

The order follows an interim ruling last month by the same court, which held that AHAB would be entitled to recover at least $ 2.5bn from Mr Al Sanea.

That ruling required AHAB to make certain amendments to its claim against Mr Al Sanea before an order directing payment would be made.

The previous ruling was entered after Mr Al Sanea refused to present a defence and defaulted.

That ruling relied heavily on affidavit evidence submitted by Simon Charlton of Deloitte.

It also found that AHAB had presented compelling evidence of a pattern of massive payments to Mr Al Sanea's Saad Group.

The court found these payments, which were directed by Mr Al Sanea, to be inexplicable with regard to the nature of AHAB's business.

It declared that AHAB's allegations that Mr Al Sanea misappropriated billions of dollars were deemed proven against him.

The order requires Mr Al Sanea to make a $ 2.5bn payment on account to AHAB and is enforceable immediately against his assets.

As is required under the Cayman procedures, AHAB will be permitted to make a final quantification of its losses at the end of the case against Mr Al Sanea and other parties on their claim.

Claim and counter-claims about who owes who are a result of the collapse of two Bahraini banks - The International Banking Corporation and Awal Bank.

Investigators hired by the Bahraini authorities have examined the events leading to these collapses but have yet to make any announcements.