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Lord Energy, a bankrupt oil company, and its owner, Hazim Nada, are suing the UAE, its president, state oil giant ADNOC, a Swiss investigative firm, and others for $2.8 billion, claiming fraud and a targeted misinformation campaign. The suit alleges that the UAE and ADNOC regarded Lord Energy as a growing competitor in Asian markets. Nada claims that UAE President Mohamed bin Zayed al Nahyan "oversaw" the effort using UAE authorities and a front company that recruited and paid millions to the Geneva-based private investigator agency Alp Services SA to carry out the fraud. The defendants are accused of racketeering and violating five counts of US law, including wire fraud, bank fraud, and antitrust statutes.

Bankrupt oil trader Lord Energy sues UAE and ADNOC in $2.8 bln fraud claim

Lord Energy, a bankrupt oil company, and its owner, Hazim Nada, are suing the UAE, its president, state oil giant ADNOC, a Swiss investigative firm, and others for $2.8 billion, claiming fraud and a targeted misinformation campaign. The suit alleges that the UAE and ADNOC regarded Lord Energy as a growing competitor in Asian markets. Nada claims that UAE President Mohamed bin Zayed al Nahyan “oversaw” the effort using UAE authorities and a front company that recruited and paid millions to the Geneva-based private investigator agency Alp Services SA to carry out the fraud. The defendants are accused of racketeering and violating five counts of US law, including wire fraud, bank fraud, and antitrust statutes.

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