Up until 2009, Glen Stewart was the CEO of The International Banking Corp. The bank failed that year and while other chief executives might've spent a lot of timing moping around the house, wondering if they'd ever get a job in this industry again, Stewart probably remained in high-spirits, knowing that he had a fallback career in the movie-making biz, having produced 'Lesbian Vampire Killers' just a few months prior. Unfortunately, if there are plans to release the entire trilogy, they'll have to be put on hold, as Stewart now must deal with the lawsuit filed against him last week by Ahmed Hamad Algosaibi & Bros, who claim the banker/auteur a) fraudulently obtained loans and b) was running a fake bank.
The lawsuit was filed by Ahmed Hamad Algosaibi & Bros, a firm run by a wealthy and influential Saudi family. It contends that Stewart ran what was essentially a 'sham bank' that collected more than $10billion in loans from financial institutions. 'Mr Stewart knew that it had no real customers, having played a central role in fabricating and documenting a portfolio of dummy borrowers to make it appear TIBC had real banking business,' and also falsely claimed that the prominent Algosaibi firm controlled the bank, according to the lawsuit. The company accuses Stewart of fraud, conspiracy, aiding and abetting fraud, aiding and abetting breach of fiduciary duty, and unjust enrichment. It seeks $9.2billion in damages.
TIBC actually was controlled by al-Sanea, but 'the illusion of Algobaisi family backing was crucial to TIBC's ability to borrow in the international financial markets,' the suit contends.
The money was siphoned off to al-Sanea and his Saad group of companies while Stewart collected about $100million through various phony payments and commissions, the suit claims.
Stewart apparently is not sweating this thing, and told reporters that the Algobaisi family is "lying through its teeth."