Tree of Eden

Saudi fraud dispute reaches court – Al Jazeera English – Middle East

Posted in Uncategorized by T.Salami on July 20, 2009

More money, more problems…

Excerpts via Al Jazeera English – Middle East – Saudi fraud dispute reaches court

Saudi Arabia has been rocked by a case charging one of the country’s wealthiest businessmen, Maan al-Sanea, with stealing $10bn from his wife’s family over four years.

The prominent Algosaibi business group had filed a case in a US court accusing al-Sanea of using a workers’ remittance unit to hide the skimming of huge sums from unauthorised foreign-exchange deals with banks.

The case, filed last week in New York State Supreme Court by Ahmad Hamad Algosaibi and Bros (AHAB), is part of running dispute and responds to an earlier complaint filed against AHAB by Mashreq, a Dubai-based bank.

Khobar businesses

At the centre of the scandal are AHAB and al-Sanea’s Saad group, closely linked diversified businesses based in the eastern Saudi industrial city of Khobar.

Al-Sanea is married to the daughter of one of AHAB’s founders, Abdelaziz Algosaibi.

While the Algosaibi family is an older, well-established trading, industrial and investment group, al-Sanea and his Saad group grew to prominence only in the past 10 to 15 years.

Through extensive international investments he earned his way onto the Forbes global billionaires list, with a fortune estimated earlier this year at $7bn.

“It appears that this fortune was funded in a significant part by funds fraudulently siphoned from AHAB,” the Algosaibi complaint alleged.


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