LONDON (Alliance News) - A Saudi Arabia-based real estate company has sued Barclays PLC for USD10 billion, claiming the bank stopped pursuing lease payments from the Saudi government on military complexes in the country in order to obtain a banking licence there, Reuters reported on Wednesday.
Jadawel International, a unit of London-based MBI International Holdings Inc, claimed Barclays "hatched a fraudulent scheme" to secure a rare banking licence for the kingdom, according to the suit filed in New York.
"Barclays believes the claim is without foundation and will vigorously defend it," the bank said in a statement e-mailed to Reuters.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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