Saudi orders freezing billionaire's accounts: Report

Saudi Arabia has ordered the country's banks to freeze the accounts of businessman and one of the world's richest person Maan al-Sanea.

"Saudi Arabia's central bank has ordered the kingdom's banks to freeze the accounts of Maan al-Sanea, a leading Saudi businessman who is also a significant shareholder in HSBC," The Financial Times has reported.

The daily quoting bankers said the Saudi Arabian Monetary Agency (Sama) had issued the directive in two letters sent to banks on Thursday and Saturday, and included certain members of al-Sanea's family.

The billionaire is the chairman and chief executive officer of Saad Group, a Saudi conglomerate that he found in the early 1980s. He was ranked 62 in Forbes' world's billionaires list this year, with a net worth estimated at $7 billion, the report published online said.

According to the publication, he acquired about 3 per cent stake in British banking entity HSBC, two years ago. Attributing to a banker who had received the notification, the daily noted that the Capital Market Authority has also issued directives blocking banks from selling securities and investment portfolios related to Mr al-Sanea and Saad Trading, Contracting and Financial Services Company, the Saad Group's main Saudi-based company.