Maan Al-Sanea, News, Pictures, Buzz

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Maan Al-Sanea
  BNP Sued Over $650 Million `Wet Ink' Error
BloombergBNP Sued Over $650 Million `Wet Ink' Error in Al-Sanea DealBloombergBNP Paribas SA is being sued by the trustee of a $650 million Islamic finance transaction who said the deal was rendered worthless because the bank didn't get a proper signature from the Saudi businessman behind the deal: Saad Group Chairman Maan ...and more »
Posted on 2 November 2015 | 2:23 am
  Saudi financier Al Sanea reaches out to
Saudi financier Al Sanea reaches out to international creditors in debt sagaThe NationalMaan Al Sanea, the Saudi Arabian financier, has decided to open talks with international creditors over US$3 billion of debt in dispute since the collapse of the Al Gosaibi business empire in 2009. Mr Al Sanea, who is related to the Al Gosaibi family ...and more »
Posted on 30 September 2015 | 5:15 am
  Geneva prosecutor ends six-year
Geneva prosecutor ends six-year Saad/Algosaibi probe with no further actionReuters UKDUBAI/GENEVA Aug 20 A Geneva prosecutor has closed a six-year investigation into a criminal complaint by Saudi Arabia's Ahmad Hamad Algosaibi and Brothers (AHAB) against Maan al-Sanea and two units of his Saad Group, the prosecutor's office told ...and more »
Posted on 20 August 2015 | 8:57 am
  Ahab pledges bulk of assets to creditors -
The NationalAhab pledges bulk of assets to creditorsFinancial TimesSince the default in 2009 of Ahab and the Saad group owned by Maan al-Sanea, a relative of the Algosaibis by marriage, both sides have been fighting global court battles and blaming each other for the collapse. Ahab says it is seeking to recover SR21 ...Optimism from all sides after Al Gosaibi debt talks in DubaiThe NationalSaudi Family Sweetens Bank Offer for Biggest Mideast DefaultBloombergSaudi's Algosaibi outlines new debt proposal to creditorsReutersThe Daily Starall 17 news articles »
Posted on 3 June 2015 | 7:15 am
  Awal Bank wins $700m payout judgement -
Trade ArabiaAwal Bank wins $700m payout judgementTrade ArabiaTIBC shareholders and directors were on paper members of the Saudi-based Ahmad Hamad Al Gosaibi and Brothers (AHAB) conglomerate, but AHAB claims it had nothing to do with it and that Al Sanea - who married into the Algosaibi family - was also ...and more »
Posted on 29 April 2015 | 9:26 pm
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Maan Al-Sanea
  In Saudi Saga, Big Four Auditors Safe from
In 2009, Saad's billionaire owner Maan Al Sanea was accused of a colossal fraud and embezzlement scandal that was discovered after AHAB reported financial problems leading to its default. This set off "one of the largest corporate collapses of the credit ...
Posted on 21 August 2015 | 8:42 am
  Geneva prosecutor ends six-year
DUBAI/GENEVA, Aug 20 ( Reuters) - A Geneva prosecutor has closed a six-year investigation into a criminal complaint by Saudi Arabia's Ahmad Hamad Algosaibi and Brothers (AHAB) against Maan al-Sanea and two units of his Saad Group, the prosecutor's office ...
Posted on 20 August 2015 | 2:15 am
  The American banker at the heart of the
(Reuters/James Lawler Duggan)Manama, Bahrain.American banker Glenn Stewart worked as "chief house slave" for ... in which Stewart and his Gosaibi family partner, billionaire Maan al-Sanea, are accused of stealing up to $10 billion and driving the ...
Posted on 6 April 2015 | 1:18 pm
  Saudi’s Algosaibis Settle Case Against
The settlement is a small step in a much bigger case in which the Algosaibis allege they were defrauded by Maan al Sanea, a Saudi businessman married to a member of the Algosaibi clan. Mr. al Sanea has denied claims that he and his Saad Group orchestrated ...
Posted on 2 October 2013 | 8:00 pm
  AHAB Agrees To Settlement With Glenn Stewart
Lewis also stated that, given that Stewart dealt regularly with all of the banks and with Maan Al Sanea, his agreement to provide information that can be used in AHAB's litigation against other participants "at the end of the day is far more valuable than ...
Posted on 30 September 2013 | 8:01 pm
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Maan Al-Sanea
  headlinegrabber: Awal Bank wins $700m
headlinegrabber: Awal Bank wins $700m judgement - Gulf Daily News #Ma@##Sanea
Posted on 11 May 2015 | 8:09 am
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Maan Al-Sanea
  Resolved Question: When people talk about
Such as when someone has things to say of that Pakistani, that indian, that chinese etc etc.. im kinda getting fed up with it all. Is this racism? I know many people from different cultures such as arabs, americans, british that commit fraud, who cheat etc etc.... so please think of the context before you submit a question, think of the bigger picture. @Mahesh N - Well said i like your elaboration, and its all true well said again and thank you @H - No H you got me wrong, it was a general question, nothing to do with what you said at all. Like everyone else i have my free will to ask question. @H - Ans yes to the point westerners cheat their own kind even in there own countries, it happens but people dont see maybe they dont want to and turn a blind eye. I agree asians are cheaters but not as bad as Americans, british who have cheated muslims all over the globe, and also westerns cheated there own fellow men out of money etc etc... @Anna - Thank you for your kind words, and your input @H - I can ask what i want here, like other people, whats accomodation go to do with it, i know you are a clever and smart girl you dont have to tell me, many questions get posted in the UAE section including mine, i have every right to post what i want. If you have and mahesh have any friction please sort it out your selfes, i like what he said with out offending others, i dont think he was being racist he was just clarifying the facts which he strongly believes in. We all share our views and opinions here and its not racism, I know H you are not racist but niether am i, I dont know about others. Have you ever notices some of the replies i get H there personal and offensive but i brush it to one side. H as i said before your a good person, keep it up :)) i have nothing against you.
Posted on 18 February 2010 | 1:21 am
  Resolved Question: The National publishes a
The media is biased. Rather than talk about Indians running away with their money, they talk about Dubai world and Maan al Sanea. I thought the National was not a tabloid like the gulf news.
Posted on 8 February 2010 | 9:10 pm
  Resolved Question: 4 years delay and not
If any one of us delay making a payment that is due to a developer / financial institution, we would have the cops hunting for us. When Nakheel or Maan al Sanea (Saad Group) use OPM (other people's monies) and get away for years at length, we are simply left helpless. The moral of the story is if you wish to default - make sure that you are really big. If you owe the bank 50K, you're screwed, if you owe the bank 50 Million, the bank is screwed.
Posted on 14 November 2009 | 10:34 pm
  Resolved Question: It is a slow news day so
the UAE's and Saudi's ability to buy our bonds in the near future? ‘Never Go Bust’ Families Mean End of Easy Credit (Update2) Sept. 17 (Bloomberg) -- Maan al-Sanea, one of Saudi Arabia’s richest men, operates his corporate empire barricaded behind a four-foot high concrete wall, painted in bright red stripes. A second, higher wall is topped with barbed wire, a reminder of the terrorist attack on his company’s nearby residential compound five years ago that killed 22 people. Now al-Sanea is under a different kind of siege, this time from the family he married into and helped make him wealthy. In a region where business disputes are routinely settled in private, the family feud between the two most prominent names in the Saudi oil city of Al-Khobar -- Algosaibi and al-Sanea -- has erupted into public and curbed lending across the Gulf. Eighty banks, including BNP Paribas SA and Citigroup Inc., are owed at least $15.7 billion, sparking a flurry of litigation. The battle has increased pressure for more transparency among the region’s family-run firms and less reliance on name lending, or borrowing based on reputation. “With Maan al-Sanea or the Algosaibi family, the perception was that they would never go bust or never default,” Yazan Abdeen, a Dubai fund manager at ING Investment Management, said. “Facts are showing that this can happen. The banks in Saudi, Kuwait and the United Arab Emirates will get a hit, and this will make the banks alter their own lending models. It’s like a ‘black swan’ event, something no one saw coming.” Al-Khobar, an oil-rich seaside city in the Persian Gulf, 250 miles east of Riyadh, is the center of a legal and financial struggle that has seen some of the Algosaibis accuse al-Sanea, ranked 62nd on this year’s Forbes magazine list of richest people, in court filings of siphoning off $10 billion in assets while he was running a money-management business for them. Accounts Frozen The Saudi Arabian central bank ordered a freeze of al- Sanea’s accounts, bankers familiar with the instructions said on May 31. The Algosaibis then used a Cayman Islands court order to try to freeze $9.2 billion of his assets, court documents show. “All of the allegations made are wholly without foundation,” al-Sanea’s company, Saad Group, said yesterday in an e-mailed statement. “While maintaining an absolute focus on its own restructuring, the Saad Group will respond appropriately and in a timely fashion to the erroneous claims made against it. However, this will be through a proper judicial process and not through the media.” The Algosaibis declined to comment for this story, James Courtovich, a Washington-based spokesman for the family, said. read the rest---
Posted on 17 September 2009 | 9:50 pm
  Resolved Question: Maan Al Sanea full birth
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