Saudi conglomerate aided fraud against 100 banks, judge rules

Saudi conglomerate aided fraud against 100 banks, judge rules:

"A Saudi conglomerate can’t collect damages from a former manager it blamed for a multibillion-dollar fraud against 100 banks because the family-owned company was complicit in the scheme, a Cayman Islands court ruled.
The 1,348-page ruling issued on Thursday strikes at the heart of a dramatic, decade-long family feud over Ahmad Hamad Algosaibi & Brothers Co, known as AHAB, whose 2009 default was among the largest of the global credit crisis.
AHAB, which has interests as varied as construction, shipping and hospitality, claimed that Maan al-Sanea, who married into the family and managed AHAB’s finance business, had engaged in unauthorised borrowing in the name of the Algosaibis, forging signatures “on an industrial scale.”"



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