Saudi Arabia freezes billionaire’s accounts

[LahoreEstate]

CAIRO: The Saudi central bank has ordered local banks to freeze the accounts of a Saudi billionaire billed as the world’s 62nd richest man.

An individual who has seen the directive said on Sunday that the Saudi Arabian Monetary Agency ordered banks to freeze transactions with Maan Al-Samea – chairman of the privately-held Saudi conglomerate Saad Group. Al-Samea also holds a roughly 3 percent stake in HSBC Holdings PLC. The person who saw the directive told The Associated Press that the central bank did not provide an explanation for the order, which was sent to banks on May 28 and affects five of the accounts and credit cards of Al-Samea’s relatives. ap

http://www.dailytimes.com.pk/default.asp...009_pg7_50