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Al Sanea

July 28, 2010

Saad Group, the Saudi Arabian conglomerate owned by Maan Al Sanea, was yesterday ordered to pay $33.1 million to Abu Dhabi Commercial Bank for defaulting on a currency swap agreement.

Saad Group, the Saudi Arabian conglomerate owned by Maan Al Sanea, was yesterday ordered to pay $33.1 million to Abu Dhabi Commercial Bank for defaulting on a currency swap agreement.

The ruling, made at the UK's High Court in London, is the first decision in a series of lawsuits facing the family-owned conglomerate.

June 18, 2010

International law firm Trowers & Hamlins announced yesterday it has filed a £720 million foreign exchange claim against the troubled family-owned conglomerate Ahmad Hamad Algosaibi & Brothers (AHAB).

International law firm Trowers & Hamlins announced yesterday it has filed a £720 million foreign exchange claim against the troubled family-owned conglomerate Ahmad Hamad Algosaibi & Brothers (AHAB).

May 12, 2010

US congressman Peter King yesterday urged the Department of Justice to investigate the relationship between US banks and two Saudi-based, family-owned conglomerates; Saad Group and Ahamad Hamad Algosaibi and Brothers (AHAB)

US congressman Peter King yesterday urged the Department of Justice to investigate the relationship between US banks and two Saudi-based, family-owned conglomerates; Saad Group and Ahamad Hamad Algosaibi and Brothers (AHAB).

November 25, 2009

The British Banking Association (BAA) has criticised the Saudi authorities’ handling of the ongoing dispute between family-run conglomerates Saad Group and Ahmad Hamad Algosaibi and Brothers (AHAB).

The British Banking Association (BAA) has criticised the Saudi authorities' handling of the ongoing dispute between family-run conglomerates Saad Group and Ahmad Hamad Algosaibi and Brothers (AHAB).  

In a letter to the UK business minister Lord Davies, the BAA said the dispute is "doing enormous damage to the reputation of Saudi Arabia as a whole. What appears to have started as a family dispute is now bringing the whole business sector and Saudi system of corporate governance into disrepute."
 

September 24, 2009

Family-run Saad Group and its billionaire owner Maan Al-Sanea are facing further questions about the group’s financial activities from a new lawsuit filed against the group and Al-Sanea by the Al Ahil Bank of Kuwait (ABK).

Family-run Saad Group and its billionaire owner Maan Al-Sanea are facing further questions about the group's financial activities from a new lawsuit filed against the group and Al-Sanea by the Al Ahil Bank of Kuwait (ABK).
 

August 25, 2009

Katie Barker reports on the travails of two family-owned businesses whose lack of transparency has left more questions than answers and an upcoming lawsuit in New York

Katie Barker reports on the travails of two family-owned businesses whose lack of transparency has left more questions than answers and an upcoming lawsuit in New York

Ahmed Hamad Algosaibi and Brothers Company (AHAB), one of Saudi Arabia's oldest family-owned conglomerates, in July filed a lawsuit against Maan Al-Sanea (pictured), the head of another Saudi family company. The lawsuit accuses the billionaire leader of the Saad Group of having "misappropriated approximately $10 billion as a result of his frauds."

August 25, 2009

Ahmed Hamad Algosaibi and Brothers Company (AHAB), one of Saudi Arabia’s oldest family-owned conglomerates, has sued the Dubai-based Mashreq bank for not preventing a $9.2 billion “fraud” that AHAB claims has been committed against it.

Ahmed Hamad Algosaibi and Brothers Company (AHAB), one of Saudi Arabia's oldest family-owned conglomerates, has sued the Dubai-based Mashreq bank for not preventing a $9.2 billion "fraud" that AHAB claims has been committed against it.
 
The lawsuit was filed in New York yesterday and alleges the bank was "wilfully blind" to irregular currency swaps. The Saudi conglomerate is claiming the bank should have realised the profits were disproportionately high for the swaps being undertaken.
 

August 3, 2009

Maan Al-Sanea, the billionaire owner of the Saad Group, plans to dispute the Cayman Island court order that froze $9.2 billion of his assets last week.

Maan Al-Sanea (pictured), the billionaire owner of the Saad Group, plans to dispute the Cayman Island court order that froze $9.2 billion of his assets last week.

A statement by a Saad spokesperson said: "Saad will respond fully to all of these claims through the proper judicial process and definitively demonstrate their lack of any foundation. The claims have been made before a full investigation has taken place and rely on partial and incomplete information."

July 17, 2009

Ahmed Hamad Algosaibi and Brothers Company (AHAB), one of Saudi Arabia’s oldest family-owned conglomerates, has filed a lawsuit against Maan Al-Sanea, the head of another Saudi family company.

Ahmed Hamad Algosaibi and Brothers Company (AHAB), one of Saudi Arabia's oldest family-owned conglomerates, has filed a lawsuit against Maan Al-Sanea (pictured), the head of another Saudi family company. The lawsuit accuses the billionaire leader of the Saad Group of having "misappropriated approximately $10 billion as a result of his frauds."
 

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