FT: Saudi freezes HSBC billionaire's accounts - Spear's Magazine

FT: Saudi freezes HSBC billionaire’s accounts

Saudi Arabia’s central bank has ordered the kingdom’s banks to freeze the accounts of Maan al-Sanea, a leading Saudi businessman who is also a significant shareholder in HSBC, senior bankers said yesterday.

Saudi Arabia’s central bank has ordered the kingdom’s banks to freeze the accounts of Maan al-Sanea, a leading Saudi businessman who is also a significant shareholder in HSBC, senior bankers said yesterday.

The Saudi Arabian Monetary Agency (Sama) issued the directive in two letters sent to banks on Thursday and Saturday, and included certain members of Mr al-Sanea’s family, bankers who have seen the letters said.

Mr al-Sanea is chairman and chief executive officer of Saad Group, a Saudi conglomerate that he founded in the early 1980s. He was ranked 62 in Forbes’ world’s billionaires list this year, with a net worth estimated at $7bn (€4.9bn, £4.3bn). He acquired about 3 per cent of HSBC two years ago.

The Capital Market Authority has also issued directives blocking banks from selling securities and investment portfolios related to Mr al-Sanea and Saad Trading, Contracting and Financial Services Company, the Saad Group’s main Saudi-based company, said a banker who had received that notification.

Neither the group, the CMA nor Sama responded to requests for comment. It was not clear why the orders were made.

However, the action, which is extremely rare, will raise fresh questions about the health of some of the Gulf’s family owned businesses in the downturn.

To read the full story, visit ft.com



 

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