HSBC and Standard Chartered could be dragged into a multi-billion dollar dispute between warring Saudi factions after the banks were forced to hand over thousands of potentially incriminating documents.
A court in New York ordered the two British banks together with Citi and Bank of America to disclose confidential client documents, over-ruling pleadings that the evidence could be used against them, according to the Daily Telegraph. The documents relate to bank accounts held by Maan Al-Sanea, the Saudi billionaire being pursued for billions of dollars he is alleged to have stolen. Al-Sanea is facing criminal and civil proceedings relating to billions of dollars allegedly defrauded from his wife's family the Algosaibis. Cases are currently being pursued in London, Bahrain, the Cayman ...
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