Maan Al Sanea, the boss of Saad Group, which owns 2.9pc of HSBC and a stake in Berkeley Group, has been accused of embezzling $9.2bn from one of Saudi Arabia’s most powerful families, the Algosaibis, in an increasingly bitter legal row between the two dynasties, reports the Daily Telegraph. The Algosaibis, who are being sued in New York by a Dubai bank for the alleged non-payment of $150m, have filed as their defence claims that Al Sanea used their name for transactions without their knowledge.

This entry was posted by Gwen Robinson on Monday, August 24th, 2009 at 4:45 and is filed under People. Tagged with Saad. Edit this entry.