Standard Bank has sued Saudi billionaire Mohamed bin Issa al Jaber for $150 million (R1.21 billion) in a London court, saying loans made to firms in his MBI International & Partners group were not repaid.

In court papers the bank says Al Jaber guaranteed three loans to JJW Hotels & Resorts and Ajwa for Food Industries in 2008.

Al Jaber, Saudi Arabia’s third-richest man according to Arabian Business, believed he had a claim against the bank over a $96.5m loss from unauthorised foreign exchange deals, his lawyer, Catharine Otton-Goulder, said last week.

She said the loans were provided to cover these losses. The bank’s spokeswoman declined to comment

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