Regional news: Saudi Arabia

BNP Paribas gains permission to appeal sukuk "wet ink" case

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

BNP Paribas breached duty of care in US$650m sukuk dispute, High Court finds

International bank BNP Paribas breached the duty of care it owed to hedge fund investors in a US$650 million Islamic bond when it failed, as arranger, to ensure a promissory note issued under Saudi Arabian law was properly executed, the High Court in London has ruled.

08 December 2017

Supreme Court blocks US$318m Saad Investments claim

The UK Supreme Court has blocked attempts by the liquidators of collapsed Cayman investment fund Saad to claim for its estate US$318 million in shares transferred by Saudi billionaire Maan Al-Sanea to a Saudi bank, six weeks after the fund collapsed in 2009.

02 February 2017

Saudi Arabia's AHAB group signs US$6 billion restructuring deal

Saudi Arabian family-run conglomerate Ahmad Hamad Algosaibi & Brothers (AHAB), has signed a deal with several of its lenders to implement a US$6 billion restructuring plan, bringing the Arab region’s largest debt default a step closer to resolution.

26 July 2016

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