Regional news: Africa & Middle East

Kaupthing barred from IVA vote

The English Court of Appeal has voided a British property developer’s individual voluntary arrangement after finding former Icelandic bank Kaupthing should not have been permitted to vote on it.

31 July 2018

Enforcement Order issued against AHAB in Saudi Arabia

The administrators of a Bahrain-registered bank that was owned by the collapsed Saudi conglomerate Ahmed Hamad Algosaibi and Brothers have obtained an enforcement order against the group and its partners in Saudi Arabia.

09 July 2018

Goldilocks settles with Noble

Embattled commodities trader Noble Group has won over its most indomitable creditor, UAE-based Goldilocks Investment Company, which has finally given its blessing to a US$3.5 billion restructuring plan.

21 June 2018

AHAB appeals in Saad dispute

The Saudi conglomerate at the centre of “one of the largest Ponzi schemes in history” is appealing a Cayman Islands ruling that dismissed US$4 billion worth of fraud claims , accusing the Grand Court of reaching conclusions that “were not supported by evidence”.

15 June 2018

Dana Gas certificate-holders approve US$700 million sukuk restructuring

In a move set to bring its long-running restructuring saga to an end, United Arab Emirates (UAE) energy company Dana Gas says it has reached an agreement with a large majority of certificate-holders of its contentious US$700 million sukuk.

07 June 2018

“One of the largest Ponzi schemes in history”: Landmark Cayman ruling dismisses multi-billion dollar AHAB fraud claims

The Cayman Islands’ Grand Court has dismissed billions of dollars’ worth of fraud claims brought by Saudi Arabian conglomerate Ahmad Hamad Al-Gosaibi & Brothers, along with a series of counter-claims made against the group, after “the longest running and highest value” fraud case in its history.

01 June 2018

Canadian court declines to approve settlement in Urbancorp case

Canadian construction group Urbancorp’s (UCI) Israeli foreign representative has failed to secure an Ontario court’s approval for a settlement that the group entered with private equity investor Terra Firma Capital over a Canadian debtor’s estate, after the court found the debtor itself had not been consulted.

21 May 2018

English Dana Gas trial will take place by November

All but one of the outstanding issues in the long-running dispute over Dana Gas’s US$700 million sukuk will be tried in England before November, the High Court in London has ruled.

04 May 2018

English court approves insurer’s scheme meetings

A UK-South African financial services conglomerate’s plans to undo an “unwieldly” 2010 restructuring have won provisional approval from an English court, which has given it the go-ahead to convene a pair of shareholder scheme meetings under the Companies Act.

30 April 2018

UAE court contradicts English Dana Gas ruling again

In its latest contradictory order, a court in the UAE emirate of Sharjah has allowed Dana Gas to distribute dividends to shareholders, despite an earlier decision by an English court that bars the company from doing so.

18 April 2018

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