Barclays sued for $10bn by Saudi businessman
Barclays acted "corruptly" to further its own interest in Saudi Arabia, according to a businessmen who is suing the bank for $10bn in damages.
Sheikh Mohamed Bin Issa Al Jaber, who owns property firms MBI International and Jadawel International, claims that the UK bank "betrayed its duty" by ceasing pursuing lease payments due on military complexes in Saudi Arabia “in order to obtain for itself a rare and lucrative license to conduct banking".
Jadawel alleges that Barclays "hatched a fraudulent scheme" to secure a rare Saudi banking licence.
A Barclays spokesman was quoted as saying: “Barclays believes the claim is without foundation and will vigorously defend it.”