Alleged $10 bn fraud by tycoon Sanea rocks Saudi Arabia...

Saudi Arabia has been rocked by a lawsuit charging one of the country's wealthiest businessmen, Maan al-Sanea, with stealing 10 billion dollars from his wife's family over four years. 

Newspapers on Saturday splashed reports that the prominent Algosaibi business group had filed a lawsuit in a New York court accusing billionaire Sanea of skimming transfers from a workers remittance unit over four years.

In the biggest scandal to erupt publicly in the Gulf in the wake of the global financial meltdown, Sanea was accused of using inflated spreads on short-term foreign exchange transactions from the unit to swindle Ahmed Hamad Algosaibi Brothers Co, or AHAB, according to documents filed in New York's state supreme court. More...

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