The past two years have exposed plenty of untoward behaviour at the world's financial institutions. But there has been nothing quite like the strange goings-on revealed in court documents filed in New York this month by one of Saudi Arabia's most venerable business groups, the Ahmad Hamad Algosaibi & Brothers Company (ahab). From its roots in trading, farming and pearling, the Gosaibi family has since branched out, into shipping, property and finance among other things. Its Money Exchange division was set up in 1981 to handle migrants' remittances from the kingdom.
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