Simmons & Simmons, Withers and Linklaters are among a raft of firms advising clients in relation to a multibillion-pound fraud case in Saudi Arabia. The $9.2 billion fraud case has seen the Algosaibi family, which owns the AHAB conglomerate, sue Maan Al-Sanea, the billionaire businessman who founded the Saad group, for allegedly defrauding the company through falsified documents. The two companies are now reported to owe around $20 billion to banks.
January 22, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Simmons & Simmons, Withers and Linklaters are among a raft of firms advising clients in connection with a multibillion-pound fraud case in Saudi Arabia.
The case, which has prompted mounting criticism from creditors of the two defaulting Saudi conglomerates at the heart of the scandal, is threatening to further dent business confidence in the Middle East region.
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