Sunday 22 May 2011

Four international banks ordered to give up data on al Sanea - The National

A New York court has ordered four international banks to provide evidence in the investigation of a Saudi businessman accused of running a US$10 billion (Dh36.7bn) Ponzi scheme.

Ahmad Hamad Al Gosaibi & Brothers, a prominent Saudi family business, is suing Maan al Sanea, a Saudi businessman, in a number of courts around the world, accusing him of using a money transfer business owned by Al Gosaibi to siphon funds into his own accounts.

Large money transfers through US banks were allegedly instrumental in sustaining the scheme.

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