Saudi Arabia sets up special panel for Algosaibi case

Saudi Arabia has created a special panel in connection with the restructuring of heavily indebted Algosaibi conglomerate, whose accounts remain frozen, said a company official.

The precise role of the panel, a response to the country's biggest financial crisis since the global economic meltdown, was not immediately clear.

"The government committee that was formed is continuing its works and it summons the interested (parties) whenever the need arises," Mohamed Salem Al Hindi, Vice-President of Ahmad Hamad Algosaibi and Brothers (Ahab), told Al Hayat newspaper.