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UK court lifts $9.2bn Saad asset freezeA UK court has lifted a freezing order on assets worth $9.2 billion of Maan Al-Sanea, the founder of Saudi Arabia's Saad Group, in what his legal team called a 'significant turning point' in a bitter legal battle wi More… |
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Cayman judge lifts freeze on Al-Sanea assetsA Cayman court has ordered a worldwide freezing order on the assets of billionaire Maan Al-Sanea be lifted, as it assesses new evidence in the Saudi businessman's multi-billion dollar legal battle with his in-laws, the Algosaibi family. More… |
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Saad boss facing charges in BahrainBahrain is pressing charges against Saudi businessman Maan Al-Sanea, the first time any of the players in a multi-billion dollar row with the Algosaibi family face the prospect of trial in a criminal court. Al-Sanea is o More… |
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Banks told to raise Saad, Algosaibi provisionsThe UAE central bank wants lenders to raise to 80 percent their provisions against exposure to two Saudi conglomerates, according to newspaper reports on Monday, causing a decline in Dubai-based banking stocks. Arabic dailies Al Khaleej a More… |
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Awal Bank files for US bankruptcy protectionBahrain-based Awal Bank, controlled by Saudi Arabia's Saad Group and Saudi businessman Maan Al-Sanea, has filed for bankruptcy protection in the United States. According to its Chapter 11 petition filed with the US bankruptcy court in Manh More… |
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Signature riddle over Saudi loans disputeForensic experts have been unable to prove whether signatures at the centre of a $10 billion Saudi business lawsuit are genuine or fake, a report said. The dispute is between Saudi Arabian business houses Algosaibi and the Saad Group. More… |
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Saad Group promises to pay banksIndebted Saudi conglomerate Saad Group on Wednesday promised to repay the billions of dollars it owes but did not specify when, and said that it had not reached any agreement with banks. Reuters Loan Pricing Corp data shows two syndicated More… |
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Saad group 'strikes debt deal with local lenders'Saudi Arabia's central bank governor on Monday said that troubled Saad Group has struck an agreement with Saudi creditors to repay syndicated and bilateral loans. Asked how he felt about an agreement between Saad and local creditors, S More… |
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NBK cuts fair value estimates on 4 Saudi banksNBK Capital lowered its fair value estimates on four Saudi banks, and said the fear of weakening asset quality had emerged as the top concern for the banking sector in the current period. The financial trouble of two major Saudi groups bro More… |
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Saudi cbank panel to examine Saad, AlgosaibiSaudi Arabia's central bank sees no risk to the country's banking system from two troubled conglomerates but it has set up a panel to examine the two and take appropriate action, the bank's governor said on Tuesday. Banks in th More… |
