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The Saudi billionaire owner of one of Bahrain's biggest banks has had his accounts frozen.
Earlier this week the Saudi Arabian Monetary Agency (SAMA) ordered banks in the country to freeze transactions with Maan Al Sanea, chairman of the privately held Saudi conglomerate Saad Group which owns Awal Bank as well as Mr Al Sanea's three per cent holding in HSBC group.
Awal Bank was registered in the kingdom in 2004 under licence as a wholesale bank by the Central Bank of Bahrain.
By the end of 2007, its total assets were over $8.5 billion making it the country's fourth largest bank.
Mr Al Sanea also has connections to The International Banking Corp, the Bahrain-based unit of Ahmad Algosaibi & Brothers Co.
The Middle East Economic Digest reported on May 23 that Algosaibi had defaulted on $1 billion of foreign exchange transactions, trade finance loans and swap agreements.
Standard & Poor's Ratings Services said the default was a 'conscious decision not to honour debt payments even though the bank's substantial equity portfolio means it is able to do so'.
Just days ago Algosaibi said it was financially solid and capable of meeting obligations and claimed creditors went unpaid as the result of a 'pending debt restructuring exercise'.
Mr Al Sanea is married to Sana Algosaibi and has a reported net worth of $7 billion ranking him as the world's 62nd richest person according to Forbes magazine just three months ago.
The SAMA has so far given no explanation for its action.
