"We greatly respect the government of Bahrain in their efforts to criminally charge those who orchestrated this massive fraud against our family and the hundreds of financial institutions that are involved," said the Algosaibi family. "This fraud took place around the world and we continue to work with the many government authorities seeking answers as to how much money moved through so many financial systems without detection."
AHAB has accused Maan Al Sanea of fraud, forgery, theft, and masterminding a massive Ponzi scheme that spanned the globe and left over a hundred banks with an estimated USD 22 billion of exposure. AHAB's alleged exposure to the fraud is USD 9.2 billion.
AHAB advisor Simon Charlton, a managing director of Deloitte Corporate Finance in Dubai, said, "The evidence in this matter shows an abuse of the world's financial system and Bahrain's swift action should be a standard for other regulators and criminal prosecutors around the world where this crime played out."
In September 2010, the U.S. House of Representatives heard testimony that hundreds of billions of dollars flowed undetected through the U.S. financial system under the direction of Maan Al Sanea and his employees.
"The family will continue to pursue the best resolution of this matter with all stakeholders and at the same time look to ensure that all of those who committed this crime be held responsible through both civil and criminal courts," said Eric Lewis, AHAB's chief legal advisor and partner of Baach, Robinson & Lewis.
Prior to the collapse of TIBC and Awal in 2009, Forbes ranked Maan Al Sanea as the 62nd richest person in the world. In 2007, Maan Al Sanea gained international visibility when he purchased 3.1% of HSBC.
The criminal case (#2850/2011/07) was filed by the Public Prosecution and referred to the Lower Criminal Court for a hearing on March 14, 2011.
SOURCE Ahmad Hamad Algosaibi and Brothers
