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Article: Algosaibi Sues Al Sanea for $10 Billion Loan Fraud.
- Article from:
- Khaleej Times (Dubai, United Arab Emirates)
- Article date:
- July 19, 2009
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Summary: NEW YORK - Saudi ArabiaAEs indebted family conglomerate Algosaibi sued Maan Al Sanea, the billionaire head of the Saad Group, for fraud in a case involving allegations of $10 billion in loan irregularities, according to court documents.
The lawsuit filed in New York State Supreme Court on Wednesday by Ahmad Hamad Algosaibi and Bros, or AHAB, is part of running dispute and responds to an earlier complaint filed against AHAB by Dubai-based bank Mashreq over irregular forex trades.
Regulators and bankers are grappling with the fallout from debt restructuring at Algosaibi and Saad Group, seen as the biggest blow to hit the Middle East since the ...