Middle East Economic Survey


No 14


Algosaibi Sues Former TIBC Chief For $9.2Bn, Alleges Ponzi Scheme

The long running multi-billion dollar legal battle between two prominent Saudi family firms, Ahmad Hamad Algosaibi & Brothers (AHAB), and the Saad Group controlled by business tycoon Maan al-Sanea, has taken a significant new twist. AHAB has filed a $9.2bn fraud charge against the former CEO of The International Banking Corporation (TIBC), Glenn Stewart, alleging that he...