Algosaibi sues Saad Group owner

One of Saudi Arabia’s most powerful family-owned companies has filed a lawsuit in which it accuses Maan Al-Sanea, the Saudi billionaire, of “massive fraud” and alleges that he “misappropriated approximately $10bn as a result of his frauds”.

Ahmed Hamad Algosaibi and Brothers Company (AHAB) filed the suit in New York in answer to a case filed against it by Mashreqbank, a UAE-based bank, over $150m (€106m) allegedly owed to it by AHAB.

Such a public dispute is virtually unheard of in the Gulf. The court document alleges Mr Sanea, who is the owner of the Saad Group, a conglomerate with finance and property operations, is also a senior executive of AHAB’s financial service division, the “Money Exchange.”