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Mashreq

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.
 

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