The fallout from the al Gosaibi-al Sanea battle in Saudi Arabia is “doing enormous damage to the reputation of Saudi Arabia as a whole. What appears to have started as a family dispute is now bringing the whole business sector and Saudi system of corporate governance into disrepute”.
Who says so? None other than the august British Bankers’ Association (BBA). In a strongly worded letter to Lord Davies, the UK business minister, the chairman of the BBA trade policy committee, Thomas Harris, criticises the Saudis’ handling of the whole sordid affair and urges the minister to do something about it on his forthcoming trip to the kingdom.
As you would expect from an organisation representing the interests of the UK financial industry, the BBA is normally a rather restrained and conservative organisation. But from time to time it lets loose.
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