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Dubai
bank in 'fraud' Saudi family
implicates Dubai bank in 'fraud' The Algosaibis, the powerful
Saudi family that claims to be the victim of a massive fraud, have
launched an attack on one of Dubai's key banks by telling a New
York judge that it colluded with Maan Al Sanea, the boss of the
Saad Group, and enabled him to embezzle $9.2bn (£5.6bn). In the
first day of the widely anticipated fraud case which could hit a
raft of international banks, the Algosaibis, which are one of the
most influential groups outside the Saudi ruling family, told the
judge that Dubai's Mashreqbank should have spotted the fraud that
they alleged was perpetrated by Mr Al Sanea.The case was brought
as a claim by Mashreqbank against the Algosaibis flagship company, Ahmed
Hamad Algosaibi and Brothers Company (AHAB), for the non-payment of a
$150m foreign exchange trade.AHAB
filed as its defence claims that the missing money is a result of Mr Al
Sanea using their name to do transactions without their knowledge.
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Russia Drops in
Corruption Ranking Other countries
of the former Soviet Union, including Belarus and Central Asian
states like Kazakhstan and Uzbekistan, ranked even lower. On the
other end, the list is predictably topped by countries in Northern
Europe and Scandinavia. Canada also falls into the top six. The
rating is a result of public opinion polls taken by independent
pollsters around the world. Alexander Rahr, the program director
for Russia and the CIS at the German Council on Foreign Relations,
told the Gazeta newspaper that the results were accurate: “The
situation in Russia is getting worse,” he said.
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