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Banking

Saad/Al-Gosaibi row to rumble on despite contempt ruling

The decision of a Cayman Islands court to find Maan al-Sanea, owner of the Saad group, in contempt breaking the terms of a freezing of his $9.2 billion of global assets is likely to prolong his damaging dispute with the Al-Gosaibi family.

A spokesman for Saad group said it would appeal against the elements of the judgement that went against it.

The bitter row, which has played out beyond Saudi Arabia’s borders, has become an embarrassment for the Kingdom’s ruling elite.

Euromoney was the first publication to reveal the extent and implications of Saad/Al-Gosaibi affair.



Defaults prompt rethink of Saudi creditworthiness

September 2009
Defaults by the Ahab and Saad groups and their respective Bahrain-based banks TIBC and Awal might or might not be directly related. Ahab claims Saad is involved in its own downfall, a charge denied by Saad. Whatever the truth, the crises have weakened confidence in creditworthiness. Dominic O’Neill reports.

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