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You're browsing: HSBC News » General News » Article Title: Big HSBC stakeholder sued for fraud in New York
19
Jul
Big HSBC stakeholder sued for fraud in New York
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Saudi Arabia’s indebted family conglomerate Algosaibi sued Maan al-Sanea, the billionaire head of the Saad Group, for fraud in a case involving allegations of $10 billion in loan irregularities, according to court documents.

The lawsuit filed in New York State Supreme Court on Wednesday, July 15th, 2009, by Ahmad Hamad Algosaibi and Bros (AHAB) is part of running dispute and responds to an earlier complaint filed against AHAB by Dubai-based bank Mashreq MASB.DU over irregular forex trades.

Sanea, a big stakeholder in bank HSBC, has had his personal accounts frozen by the Saudi Arabian Monetary Agency (SAMA), the country’s central bank.

Numerous Gulf Arab banks have said they face potential writedowns on loans made to the groups, and analysts at HSBC have estimated the total lending exposure of Saudi banks alone at $4-$7 billion

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