Saudi Arabia-based Ahmad Hamad Algosaibi & Brothers (AHAB) today applauded, Nawaf Hamza, the Bahraini Public Prosecutor for announcing criminal hearings into Maan Al Sanea's illegal activities involving The International Banking Corporation (TIBC) and Awal Bank.
"We greatly respect the government of Bahrain in their efforts to criminally charge those who orchestrated this massive fraud against our family and the hundreds of financial institutions that are involved," said the Algosaibi family. "This fraud took place around the world and we continue to work with the many government authorities seeking answers as to how much money moved through so many financial systems without detection."
AHAB has accused Maan Al Sanea of fraud, forgery, theft, and masterminding a massive Ponzi scheme that spanned the globe and left over a hundred banks with an estimated US$22 billion of exposure. AHAB's alleged exposure to the fraud is US$9.2 billion.
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