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      BFF
Al-akhbar daily (Lebanese secular and liberal) reports that the management of the Arab Bank have refused to confirm or deny reports that outgoing PM Sa’ad Hariri is selling part of his share in the bank to former PM, and Hariri aide, Fouad Saniora. The newspaper cites knowledgeable banking sources that this is true. It notes that Mr. Hariri, a billionaire, is facing liquidity problems after suffering heavy business losses, to the extent that he is facing some difficulty making loan payments in Saudi Arabia and elsewhere. Al-akhbar reports that his liquidity problems are affecting his relationships with “influential Saudis”, usually a code word for al-Saud princes.
It reports that his difficulties extend to his own family relationships and that it came to light after his sister Hind could not deposit three checks issued by him for US$ 150 million as payment of part of her share from their father’s estate. There were apparently insufficient funds to cash them. The reports claims his huge firm, Saudi Oger has suffered US$ 3 billion in losses and that many “influential Saudis” are angry at him.
Mr. Hariri got into serious trouble with the family of the de facto Saudi ruler, Prince Nayed the Interior Minister, Deputy Prime Minister, etc etc, after calling prince Mohammed, his son and deputy, a “bloodthirsty butcher”. He seems to have lost some of his magic to the Saudis, whose nationality he holds.
Cheers
mhg



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