A Saudi billionaire accused of fraud in a dispute with former business associates that centres on big debts owed to international banks has launched an effort to have the case thrown out of the US courts.

Maan al Sanea, chairman of Saad Group, alleges that his increasingly rancorous battle with fellow conglomerate Ahmad Hamad Algosaibi and Brothers (Ahab) has “no business” being heard in New York and should be fought in Saudi Arabia instead.