Al-Gosaibi plans to avoid liability -Mashreq

The UAE's Mashreq bank, which is suing the Al-Gosaibi family conglomerate in a New York court, said on Thursday that a counterclaim filed by the Saudi group is part of an attempt to avoid liabilities owed to many banks.

According to documents filed in New York on Wednesday, Ahmad Hamad Al-Gosaibi and Bros (AHAB) accused Mashreq of aiding and abetting fraud, conversion and breach of fiduciary duty, as well as unjust enrichment and bad faith.

Al-Gosaibi is seeking more than $1 billion from Mashreq, in a counterclaim to Mashreq's own $150 million lawsuit against the Saudi operation.

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