Philanthropist Wafic Saïd files suit against Barclays' abrupt closure of his accounts

Billionaire and philanthropist Wafic Saïd has filed a suit against Barclays, claiming the bank forced him  to close his personal accounts including those of his charities and business projects.

The businessman accused the bank of using him as a ploy to better its reputation. Just last December, the bank reportedly told him that they longer need him as their customer.

According to Bell Pottinger, Saïd's PR firm, the businessman instructed Carter-Ruck to file a case against Barclays in the high court and ask the bank to comply with its obligations under the Data Protection Act. As reported by City A.M., the billionaire is worth around 1.5 billion pounds and claims that he really has no idea regarding the bank's reason in ending their relationship.

The bank was said to fail in providing Mr. Saïd  with data access to his documents regarding the decision to close a number of his accounts which includes the Saïd Foundation. He didn't expect to be treated carelessly after working and transacting with the bank for over 40 years, as per The Guardian.

According to Financial Times, banks nowadays are increasingly weary regarding taking risks due to a number of high-profile fines over breaches of sanctions and anti-money laundering rules. Just last November, Barclays was fined 72 million pounds by the U.K regulator due to such rules. Barclays, on the other hand, didn't issue any statement regarding the matter as it is an ongoing litigation.

In 1985, Mr. Saïd was credited for helping Saudi Arabia acquire British weapons which were told to be the biggest arms deal in history. The deal called Al-Yamamah though was tainted with controversies after allegations that the UK arms firm BAE System had given bribe money to the prince of Saudi to win the contract. Saïd, however, denied of gaining any commission from the BAE.

The billionaire's charity,  Saïd Foundation, is based close to the Buckingham Palace. It helps young children and people with disabilities in countries like Jordan, Lebanon, and Palestine

Tags

Barclays, Barcays suit, Wafic Said, Barclays-Said parternship, Said sues Barclays, data protection act, anti-money laundering rules, Saïd Foundation

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