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Business News

Algosaibis back down

The Saudi Algosaibi family have abandoned a High Court battle against claims from five banks linked to a high-profile $22bn (£14bn) feud over the collapse of their financial empire.

On the fourth day of the trial yesterday the family's partnership said it was dropping its defence against $250m claims by the banks, which include HSBC and Credit Agricole.

The collapse of two Bahraini banks in 2009 – one owned by the Algosaibis and the other by the Saudi businessman Maan al-Sanea – left some of the world's biggest banks nursing billions of losses.

The Algosaibis allege that Mr Sanea, who married into the family 30 years ago, siphoned off billions of dollars in a massive Ponzi scheme. Mr Sanea has always denied these allegations.