N.Y. court dismisses claims over Saudi billionaire’s alleged fraud | GulfNews.com:
"New York’s highest state court has ruled that a lawsuit by the Al Gosaibi family conglomerate, claiming that a Saudi billionaire who married into the family committed a $150 million (Dh550 million) fraud, should be heard in Saudi Arabia.
In the lawsuit, Ahmed Hamad Algosaibi & Brothers Co claimed that Maan Al Sanea, the billionaire head of the Saad Group, used its accounts with Mashreq to commit fraudulent foreign exchange trades executed in New York.
The suit is part of a global legal battle in which the Al Gosaibi family claims that 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 wrongdoing."
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