Saudi executive’s accounts frozen

Saudi Arabia’s central bank has ordered the kingdom’s banks to freeze the accounts of Maan al-Sanea, a businessman and significant shareholder in HSBC, senior bankers said on Sunday.

The Saudi Arabian Monetary Agency issued the directive in two letters sent to banks on Thursday and Saturday, and included certain members of Mr al-Sanea’s family, bankers who have seen the letters said.

Mr al-Sanea is chairman and chief executive of Saad Group, a Saudi conglomerate that he founded in the early 1980s. He was ranked 62 in Forbes’ world’s billionaires list this year, with a net worth estimated at $7bn (€4.9bn, £4.3bn). He acquired about 3 per cent of HSBC two years ago.