An undated file picture shows one of Saudi Arabia wealthiest businessmen Maan al-Sanea in Riyadh. AFP PHOTO/MIDO AHMED
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A Saudi conglomerate can't collect damages from a former manager it blamed for a multibillion-dollar fraud against 100 banks because the family-owned company was complicit in the scheme, a Cayman Islands court ruled. The 1,348-page ruling issued Thursday strikes at the heart of a dramatic, decadelong family feud over Ahmad Hamad Algosaibi & Brothers Co., known as AHAB, whose 2009 default was among the largest of the global credit crisis.By comparison, Bernie Madoff's Ponzi scheme was estimated to be a $65 billion fraud.The judge found the alleged scheme was so complex it couldn't be unwound. Sanea's Saad Group, a Saudi-based conglomerate, defaulted on another roughly $7 billion in debt.
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