Wednesday, 26 September 2012

NY court revives lawsuits between Mashreq, Algosaibi, al-Sanea | Reuters

A divided New York state appeals court on Tuesday reinstated two lawsuits involving the Algosaibi family conglomerate, Dubai-based Mashreqbank PSC and Maan al-Sanea, the Saudi billionaire head of the Saad Group, in connection with a longstanding fight over an alleged multibillion-dollar fraud.

The ruling, which found that New York was the appropriate forum to hear the lawsuits, is the latest development in the global legal battle between al-Sanea and his in-laws, the Algosaibis. A spokesman for al-Sanea declined to comment on Tuesday's decision.

The Algosaibi family claims al-Sanea, who married into the family 30 years ago, defrauded it of billions of dollars after he was put in charge of its financial businesses. Al-Sanea and the Saad Group have denied the allegations.

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