Thursday 12 November 2009

Abu Dhabi freezes Saad Group's UAE assets

An Abu Dhabi court has issued a provisional attachment order of about $151 million on the accounts and assets of two companies owned by Saudi business tycoon Maan Al Sanea.

The court on Nov. 12 ordered the freezing of funds, assets and listed securities held by Saad Group and Saad Trading & Financial Services in the United Arab Emirates, according to a statement issued Thursday by the Judicial Department in the Emirate of Abu Dhabi.

The statement didn't name the banks involved.

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