Ahmed Hamad Algosaibi and Brothers Company (AHAB), one of Saudi Arabia??s most powerful family-owned companies, has filed a lawsuit in which it accuses Maan Al-Sanea, the Saudi billionaire, of ??massive fraud? and alleges that he ??misappropriated approximately $10bn as a result of his frauds?.
The suit was filed in New York in answer to a case filed against it by Mashreqbank, a UAE-based bank, over $150m (?106m) allegedly owed to it by AHAB.
The court document alleges Mr Sanea, the owner of the Saad Group, is also a senior executive of AHAB??s financial service division, the ??Money Exchange.?
Saad Group has said it had no business links with AHAB ??except on an arms?? length commercial basis?. Last month, the Saudi central bank froze Mr Sanea??s personal accounts, and it has been reported it took similar actions against some of the Algosaibi family.
The lawsuit filed by AHAB claims that ??Al Sanea obtained loans frequently using forged or falsified documents and then diverted the funds received to his own use.
??AHAB presently estimates that al Sanea misappropriated approximately $10bn as a result of his frauds.?
