Saudi Arabia Business Association Sued by United States for Fraud Conspiracy

By Craig Tarasoff

Bloomberg reports that the United States has filed a lawsuit against the Saudi Arabia Business Association (SABA), alleging conspiracy to defraud the Export-Import Bank and Deutsche Bank AG in a $38 million loan deal on which SABA defaulted. The loans were connected to construction projects of a retirement community, concert hall, movie and theater complex in Istanbul and Urla, Turkey. The case is U.S. v. Besneli, 14-cv-7339, filed in the District Court for the Southern District of New York.