A property company controlled by one of Saudi Arabia’s richest men, Sheikh Mohamed bin Issa al Jaber, is suing Barclays for $10bn (£6bn).
The company alleges that Barclays stopped pursuing lease payments on military complexes from the Saudi government so the bank could get a lucrative banking licence to operate in the kingdom.
A lawsuit filed in New York State Supreme Court by Jadawel International, a divison of London-based MBI International Holdings, alleges Barclays “hatched a fraudulent scheme” to secure the coveted Saudi banking licence, Reuters reported.
The lawsuit is seeking damages of at least $10bn for Barclays’ alleged breach of fiduciary duty, fraud and interference.
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