Saudi legal saga moves up to a new level

When it first emerged that one of the Saudi Arabia’s most respected merchant family groups was facing financial difficulties, the news was met with shock throughout the Gulf.

Although the oil-rich region had been hit by the global economic crisis, few understood why Ahmed Hamad Algosaibi and Brothers Company (AHAB) had allowed one of its wholly owned companies – a Bahrain-based bank – to default.

Then it was revealed that another of Saudi Arabia’s best known companies, Saad Group, was facing similar difficulties after that company’s owner, Maan al-Sanea, had his personal accounts frozen by the central bank.