dollar-regime thievery in New York court
Posted by Ivo Cerckel on July 17th, 2009
Transparency can only be discussed behind closed behind closed doors, US of A secretary of the treasury, Timothy F. Geithner, said on Thursday. (1)
On Tuesday at the Jeddah Chamber of Commerce, Geithner was praising the ambition of the Kingdom of Saudi Arabia to break free from the dollar peg in order to solve the huge bad debt problem at the Saudi business groups Saad and Algosaibi. (2)
Algosaibi now accuses Mr Maan Al-Sanea, Saad Group owner, in a New York court of having misappropriated approximately USD 10bn as a result of his frauds. (3) (4)
Al Sanea obtained loans using falsified documents and diverted worthless green paper, aka US dollar, received to own use.
Algosaibi accuses the dollar regime in New York of using falsified documents and perpetrating concealment, looting and thievery through the US dollar.
Developing … [big smile]
Ivo Cerckel
honestmoney@maktoob.com
http://twitter.com/ivocerckel/
NOTES
(1)
Geithner: oil price transparency behind closed doors
Posted by Ivo Cerckel on July 17th, 2009
http://bphouse.com/honest_money/2009/07/17/geithner-oil-price-transparency-behind-closed-doors/
[If the link does not work, try to copy it and paste in your browser]
(2)
Geithner: Save Saad & Algosaibi by breaking free from dollar peg
Posted by Ivo Cerckel on July 15th, 2009
http://bphouse.com/honest_money/2009/07/15/geithner-save-saad-algosaibi-from-dollar-peg/
[If the link does not work, try to copy it and paste in your browser]
(3)
Algosaibi sues Saad Group owner
By Andrew England in Abu Dhabi
Published: July 16 2009 23:31 | Last updated: July 16 2009 23:31
http://www.ft.com/cms/s/34fb0b92-7235-11de-ba94-00144feabdc0,s01=1.html
(4)
Saudi legal saga moves up to a new level
By Andrew England in Abu Dhabi
Published: July 16 2009 23:31 | Last updated: July 16 2009 23:31
http://www.ft.com/cms/s/0/0a5fe304-7239-11de-ba94-00144feabdc0.html
No related posts.
July 17th, 2009 at 15:09
Al-Gosaibi Empire Crumbling
July 12, 2009 by Ahmed
http://chartsandnumbers.com/2009/07/12/al-gosaibi-empire-crumbling/
July 17th, 2009 at 15:37
Regulators and bankers are grappling with the fallout from debt restructuring at Algosaibi and Saad Group, seen as the biggest blow to hit the Middle East since the start of the financial crisis.
(Saudi group in $10 bln lawsuit vs Saad chief – press
Thomson Reuters – 07.17.09, 02:20 AM EDT
DUBAI, July 17 (Reuters)
http://www.forbes.com/feeds/afx/2009/07/17/afx6666835.html
July 17th, 2009 at 18:17
And they are fighting in the US of A, the home of the dollar …
Saudi legal row sparks culture shock for Gulf
By Andrew England in Abu Dhabi
Published: July 17 2009 03:00 | Last updated: July 17 2009 03:00
http://www.ft.com/cms/s/0/5c0999f4-7269-11de-ba94-00144feabdc0.html
July 18th, 2009 at 08:28
London is the other leg of the dollar regime
Banks’ lawsuits aimed at Saudi debtors
By Michael Peel in London and Andrew England in Abu Dhabi
Published: July 17 2009 19:36 | Last updated: July 17 2009 19:36
http://www.ft.com/cms/s/0/cfe60742-72f8-11de-ad98-00144feabdc0.html
SNIP
At least four banks have launched lawsuits to recover debts allegedly owed to them by two warring prominent Saudi Arabian companies hit by financial problems, in a move that has shocked investors in the oil-rich Gulf.
Three claims have been filed at the High Court in London since last month against businesses from the Saad and Algosaibi conglomerates, suggesting some financial institutions are taking matters into their own hands even as the Saudi companies grapple to restructure their large debts.
July 19th, 2009 at 16:49
A possible answer from Reuters:
Saudi firms sometimes file lawsuits abroad because there is no consistent application of law, and verdicts in its domestic courts vary widely. The courts are based on an austere interpretation of Islam and overseen by clerics.
“Rulings between courts often differ sometimes to the point that it embarrasses the government which wants to overhaul the legislation,” said a western diplomat in Riyadh. King Abdullah has tried to reform the legal system as part of plans to open up the country for investment. He removed two hardline clerics in a cabinet reshuffle in February, among them the president of the supreme court.
(RPT-Saad debt tussle, family row sour investors
LONDON, Reuters, Fri Jul 17, 2009 1:17pm EDT
By Douwe Miedema
http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSLH28528420090717
July 20th, 2009 at 08:04
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