CBK owed $119 mln by Saad

Commercial Bank of Kuwait (CBK) gave about $119 million in loans to the troubled Saudi conglomerate Saad Group, a newspaper said on Sunday.

Local daily Al-Qabas said that CBK has taken more than 100 percent guarantees for loans worth $50 million given to Saad Group, and another loan worth around 20 million dinars ($69.42 million), citing an unidentified source at CBK as saying.

CBK's Chairman Abdulmajeed al-Shatti declined to comment on the report. "This is a privileged client relation, the bank has a policy not to comment on this," he said.