UK court relaxes curb on Saad cash

A bitter legal dispute involving prominent Saudi Arabian businesses and families opened in the English courts on Monday, with Maan al Sanea failing to overturn a $9.2bn freezing order on his worldwide assets.

The High Court eased the order to allow the embattled billionaire $4m spending money a year after a colourful hearing in which Mr Sanea rejected fraud allegations and outlined living expenses including a private zoo and utility bills of $800,000 a month.

The battle in London is part of the increasingly public falling out between Mr Sanea’s Saad Group and Ahmad Hamad Algosaibi and Brothers (Ahab), also a troubled conglomerate, which between them are estimated to owe dozens of regional and international banks $20bn.