London court is told Al Gosaibi is victim of 'master fraudster' - The National

A Saudi business group that collapsed under a US$9 billion (Dh33.05bn) tide of debt fell victim to the "brazen" activities of Maan al Sanea, London's High Court heard yesterday.

Mr Justice Flaux was also told Mr al Sanea covered up the group's "increasingly desperate" financial state while simultaneously "bleeding it dry".

Ahmad Hamad Al Gosaibi and Brothers are defending a $220 million lawsuit brought by five banks over claims that for decades it buried the "guilty secret" it was bust until it defaulted on its liabilities in 2009.