Sunday 29 May 2011

Saudis wash their hands of the al Gosaibi affair - The National

Observers of the Middle East's longest-running financial scandal, the confrontation between the al Gosaibi family and Maan al Sanea in Saudi Arabia, have been puzzled by one thing above all others: the attitude of the Saudi authorities.

The affair involves allegations of financial crime in two of the kingdom's biggest and most venerable trading groups. The sums involved are eye-watering: up to US$10 billion (Dh36.73bn) was allegedly stolen by Mr al Sanea - a charge he has rigorously denied. The liabilities of the two groups to more than 100 local, regional and international banks amount to about $20bn.

The affair, which has dragged on for more than two years, has undoubtedly damaged Saudi Arabia's reputation in the business world.

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