Ahmad Hamad Algosaibi & Brothers Co. Files $9.2 Billion Fraud Charges Against Former TIBC Chief Executive Glenn Stewart in California Court

U.S. Financial System was a "Gateway" for the fraud, close to $1 trillion was funneled through New York Based Banks

LOS ANGELES, March 29, 2011 - Ahmad Hamad Algosaibi & Brothers (AHAB) today filed a civil complaint
against Glenn Stewart, the former CEO of The International Banking
Corporation (TIBC), in The United States District Court for the Central
District of California. The five claims asserted by AHAB charge that Stewart,
an American citizen, assisted Maan Al Sanea in securing and misappropriating
billions of dollars in borrowing - much of which was in AHAB's name or
obtained using forged guarantees in AHAB's name.

The complaint, filed on March 28, 2011 signifies an important new stage
in ongoing litigation between the Algosaibi family and Maan Al Sanea. The
44-page complaint sheds new insight into one of the largest global Ponzi
schemes in history and asserts that Stewart created and/or utilized a number
of entities, particularly in Bahrain, to obtain lending through misuse of
Algosaibi family name, the proceeds of which were funneled into the Ponzi
scheme. Up to $1 trillion were then laundered through the US financial
system.

"Mr. Stewart's critical involvement in Al Sanea's scheme is undeniable,"
said AHAB's chief legal counsel, Eric Lewis. "This lawsuit represents a
necessary step to bring the fraud's key conspirators to justice."

According to the complaint, Stewart and Al Sanea raised billions of
dollars in funding using falsified financial statements and forged AHAB
guarantees. It also claims Al Sanea and Stewart falsely represented that TIBC
had the backing of the Algosaibi family. In particular, the pair forged
documents in order to create the impression that senior Algosaibi family
members participated in TIBC's governance and sanctioned its commercial
activities.

The claim's counts against Stewart include (1) aiding and abetting fraud;
(2) aiding and abetting breach of fiduciary duty; (3) conspiracy to commit
fraud; (4) fraud; and (5) unjust enrichment.

Stewart, who illegally fled Bahrain in May 2010 currently, resides in
Malibu, California. AHAB alleges that he constructed a complex scheme of
offshore companies to skim phony commissions and other payments, in the
amount of approximately $100 million.

Mr. Stewart was banned from traveling out of Bahrain but according to his
own accounts he escaped during that government's investigation into the
collapse of TIBC and his dealings. He was charged by the Public Prosecutor of
Bahrain on March 8th with criminal and regulatory violations in that country.

Ryan Stanton for AHAB, +1-202-309-7858, ryans at sphereconsulting.com