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MONDAY, NOVEMBER 23, 2009
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11

Saudi Family Feud Rocks World Banks

Saudi economy suffers as in-laws squabble over business

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(Newser) – A bitter dispute between two of Saudi Arabia's richest families is damaging the world banking industry, dragging down the Saudi economy, and causing deep discomfort over Ramadan party invites. The Gosaibi clan accuse their son-in-law Ma'an al Sanea of embezzling $10 billion from the family business, while Sanea says the other family is making him a scapegoat for their losses in the financial crisis, the Wall Street Journal reports.

The two families owe more than 100 lenders some $15 billion, but Saudi courts have frozen many of their assets as a flurry of lawsuits continues, forcing some banks to write off hundreds of millions of dollars. Few expect the family feud to end anytime soon. Outside Sanea's mansion—next door to his in-laws' estate—lies a dusty box holding the pile of court summonses he has refused to accept for months.

A Saudi man reads a newspaper while keeping an eye on a screen displaying stock market figures in Riyadh, Saudi Arabia.
A Saudi man reads a newspaper while keeping an eye on a screen displaying stock market figures in Riyadh, Saudi Arabia.   (AP Photo/Hasan Jamali)
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This is all so embarrassing. In the end, there will be no winner.
- A family member on the Gosaibi side

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11 comments
VIEWING:
 
rosy_s
Oct 22, 09 8:06 AM CDT
those are 2 seriously rich families!! Reply
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+1
IN RESPONSE:
bewilderbeast
Oct 22, 09 9:31 AM CDT
Aw, I'm tearing up! Doncha just love it when the uber-rich have a fallout with their fellow-thieves? Here's hoping this comes to blows (and that somehow the Bush family riches are tied up in the mess).
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-2
Doctor_Zaius
Oct 22, 09 8:09 AM CDT
Survey Says! Douchebags! Good answer. Reply
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+1
Janniel
Oct 22, 09 8:12 AM CDT
I just have to wonder, how much birth-control and food could these families, and others that have billions and billions of dollars, provide to the starving. What ever happened to the concept of 'an embarrassment of riches'. Not saying that there should be a cap on wealth or anything. But still, how can these multi-billionaires live with themselves knowing how much suffering is going on in the world. Reply
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+2
IN RESPONSE:
DJM420
Oct 22, 09 8:43 AM CDT
no cable?
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+1

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