Sunday, 7 February 2010
Al Gosaibi files new fraud claim
Documents filed in the New York Supreme Court claim Maan al Sanea, the head of the Saad Group of Saudi Arabia, was involved in multibillion-dollar frauds involving hundreds of foreign exchange transactions with US banks.
The allegations, which Mr al Sanea strongly denies, are contained in papers filed by lawyers working for Ahmad Hamad Al Gosaibi and Brothers, the Saudi family conglomerate fighting a long-running battle with Mr al Sanea.
The family has alleged that he defrauded them of about US$10 billion (Dh36.73bn) through theft and forgery over many years.
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