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Wednesday, 15 June 2011

Saudi Algosaibi family backs down in UK bank spat - Maktoob News

The Saudi Algosaibi family, which has been locked in drawn-out legal battles over who should pay a debt pile estimated at $22 billion, is conceding it owes five international banks millions of dollars.

In a London court case on Wednesday, the Ahmad Hamad Algosaibi & Brothers (AHAB) family partnership said it was dropping its defence against claims by banks including UK-based HSBC Holdings and France's Credit Agricole.

The case, which also involves Bahrain-based Arab Banking Corporation (ABC) and London-based British Arab Commercial Bank (BACB), is among several lawsuits triggered by one of the biggest corporate failures of the financial crisis.