Kuwait Revokes Citizenship of Businessman Maan Al-Sanea Amid Legal Troubles

Kuwait Revokes Citizenship of Businessman Maan Al-Sanea Amid Legal Troubles
November 21, 2024, 2:33 pm

معن الصانع

Kuwait has revoked the citizenship of prominent businessman Maan Al-Sanea, a Saudi national of Kuwaiti descent, linked to one of the largest fraud cases in the Middle East. His group, "Sad", collapsed in 2009 under the weight of billions of dollars in debt.

Al-Sanea was considered one of the wealthiest figures in the region but found himself entangled in high-stakes legal battles with the Al-Qusaybi family, who accused him of embezzling $9.1 billion through complex financial structures abroad.

The case has sparked extensive lawsuits in several countries, including the Cayman Islands and the United States.

In 2017, Al-Sanea was arrested in Saudi Arabia during a corruption crackdown led by Crown Prince Mohammed bin Salman, detained due to unpaid debts estimated at billions of dollars. This marked a significant development in Saudi efforts to combat financial mismanagement and corruption.

The "Saad" group, which had diverse operations in construction and healthcare, is now in the process of dismantling as creditors seek to recover their losses. Al-Sanea's status as a prominent global businessman has diminished, including his investments in HSBC, overshadowed by ongoing legal and financial crises.

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