Regional news: Saudi Arabia

After over a decade of waiting, creditors of a Saad Group holding company are to receive distributions in the wake of Saudi conglomerate Ahmad Hamad Algosaibi & Brothers’ failed US$4 billion Cayman fraud litigation – even as AHAB’s appeal in the case remains underway.

22 October 2019

Saudi conglomerate Ahmad Hamad Algosaibi and Brothers has appealed against a Saudi court’s decision to reject its petition for protective settlement – the first such petition under the new Saudi Arabian bankruptcy law

14 February 2019

Saudi bank Samba has asked an English appeals court to prevent the joint liquidators of Cayman-incorporated Saad Investments Company (SICL) from amending a share claw-back claim they first filed against the bank in 2013, on grounds of limitation.

12 February 2019

While governments across the Middle East are modernising their bankruptcy laws, the region’s non-performing loans should “ring the bells” of banks and regulatory authorities, delegates heard on the opening day of the Gulf Cooperation Council’s first-ever debt restructuring and NPL summit in Dubai.

12 September 2018

The chief restructuring officer of Saudi conglomerate Ahmad Hamad Al-Gosaibi & Brothers (AHAB) says the group may use Saudi Arabia's new bankruptcy law to try and see an end to its decade-long restructuring saga, in what will be a “huge litmus test” for the Kingdom.

10 September 2018

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

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

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

Japanese investment bank Daiwa has failed to overturn an English court’s ruling that it was liable for more than US$150 million for allowing billionaire Saudi businessman Maan Al Sanea to transfer funds out of Cayman liquidated company Singularis.

02 February 2018

Paris-headquartered bank BNP Paribas has gained permission to appeal against a portion of a judgment handed down by the English High Court on 7 December, which said it owed a duty of care to certificate holders of a US$650 million Islamic bond in which it had acted as arranger.

20 December 2017