One of Saudi Arabia’s most powerful family-owned companies has filed a lawsuit in which it accuses Maan Al-Sanea, the Saudi billionaire and owner of the Saad Group, of “massive fraud” and alleges that he “misappropriated approximately $10bn as a result of his frauds”. Ahmed Hamad Algosaibi and Brothers Company filed the suit in New York in answer to a case filed against it by Mashreqbank, a UAE-based bank, over $150m allegedly owed to it by AHAB. Such a public dispute is virtually unheard of in the Gulf.

This entry was posted by Paul Murphy on Friday, July 17th, 2009 at 5:33 and is filed under Capital markets. Tagged with Maan al-Sanea, Saad. Edit this entry.