Saudi Arabia: Ahmad Hamad Algosaibi and Brothers

Al-Khobar-based Ahmad Hamad Algosaibi and Brothers (AHAB) in October dropped a lawsuit filed in Los Angeles in March 2011 (GSN 898/12) against former employee Glenn Stewart. AHAB had alleged that Stewart was a key player in a fraud that rocked the Al-Gosaibi family businesses in 2009. Stewart was chief executive of Bahrain-based The International Banking Corporation (TIBC), which was owned by AHAB. AHAB claimed Stewart took out nearly $10bn in loans under the bank’s name while knowing that they were being siphoned off by the Saudi businessman and Al-Gosaibi relative Maan Al-Sanea (GSN 899/12), contributing to the bank’s 2009 collapse.