Lawsuits against Al-Gosaibi, Saad mount in UK

Pressure is building in the UK on Saudi business conglomerate Ahmad Hamad Al-Gosaibi & Bros (AHAB), with a series of lawsuits totaling at least $450 million filed against it in London’s High Court, according to documents seen by Dow Jones Newswires.

The high-profile, family-run group began to face scrutiny in May after it failed to repay some debts. It is now locked in a sour feud with fellow Saudi conglomerate Saad Group, which is also facing a London legal suit. International creditors are estimated to have some $16 billion in exposure to the two firms.

Both groups are working with their creditors for resolution, while the Al-Gosaibi group is already facing legal challenges from creditors in New York.