Saad denies asset freeze

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Saad Group, the company owned by the Saudi billionaire Maan al Sanea, Monday denied reports of a freeze on its assets in Kuwait and said its accounts in Saudi Arabia were “stable”.

The embattled company said it was close to announcing its proposal for a co-ordinating bank and a “top four” accounting firm to represent the interests of counter-parties in its debt restructuring plan.

The statement follows the appointment of the business law firm Lawrence Graham as legal adviser and BDO Corporate Finance as financial adviser.