Wednesday 19 August 2009

Al Gosaibis raise the stakes in Saad Group affair

While the European bankers head off to the Mediterranean and the Arab world prepares for Ramadan, the stakes in the biggest financial scandal to hit the Middle East are being slowly wound up. Neither the al Gosaibi family of Saudi Arabia, nor their erstwhile confidant Maan al Sanea, will have much time for relaxation, though.

New readers start here: Mr al Sanea is a Kuwaiti-born entrepreneur who married into the wealthy al Gosaibi dynasty of Al Khobar in Saudi Arabia and built his own multibillion-dollar business, the Saad Group.

Earlier this year, tensions between them exploded into the open when two Bahraini banks were unable to meet loan repayment schedules. The al Gosaibi family has since claimed it was the victim of a US$10 billion (Dh36.73bn) fraud by Mr al Sanea.

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