Regional news: Africa & Middle East

Libya’s sovereign wealth fund wants out of UK receivership

The Libyan Investment Authority has applied to discharge an English court’s three-year-old receivership order, saying doubts over the country’s legitimate government have now been resolved.

30 August 2018

Steinhoff to launch restructuring in England

Embattled South African retail conglomerate Steinhoff is planning to implement a restructuring of its European group in England, with two of its Austria-based subsidiaries having relocated their principal place of business to the UK.

21 August 2018

Cracks deepen for Kenyan cement maker

Joint administrators have been appointed over African cement maker ARM Cement after Nigeria-headquartered UBA Bank led a charge of the company’s commercial lenders seeking to recover over Sh14.4 billion (US$140 million).

20 August 2018

Steinhoff adds Lehman administrator as €12bn class action looms

Struggling South African conglomerate Steinhoff has nominated former PwC partner Paul Copley to its supervisory board, a week after it emerged that a Johannesburg-based corporate boutique had launched a class action against the company and linked parties.

17 August 2018

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

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