Ahmed Hamad Algosaibi & Brothers Co., a family-owned Saudi company known as Ahab, filed a lawsuit accusing Maan Al-Sanea, the billionaire owner of the Saad Group, of ``massive fraud,'' the Financial Times reported.

The suit, filed in New York, alleges that Al-Sanea ``misappropriated approximately $10 billion'' by obtaining loans and then diverting the funds received for his own use, the FT said.

Saad Group, also based in Saudi Arabia, told the newspaper it hasn't seen the claim and, if served with it, will respond vigorously.