Saudi family conglomerate Algosaibi will ask a New York court for a default judgment against the billionaire head of the Saad Group, Maan al-Sanea, over allegations he defrauded the company out of $10 billion, a spokesman said on Sunday.
Representatives of al-Sanea and the Saad Group could not be reached for comment on the case, which has drawn attention along with other litigation in the United States because of debt restructuring at Ahmad Hamad Algosaibi & Bros (AHAB) and Saad Group that worsened the Arab Gulf financial crisis.
AHAB spokesman Jim Courtovich said al-Sanea had not answered its July 15 lawsuit in New York State Supreme Court over allegations of $10 billion in loan irregularities. Maan al-Sanea is a former employee of AHAB.
No comments:
Post a Comment