Abu Dhabi Commercial Bank Sues Unit of Saad Group Over Loans

Abu Dhabi Commercial Bank, the United Arab Emirates’ third-biggest bank by assets, sued a unit of Saad Group, which is owned by Maan al-Sanea, a billionaire accused of falsifying documents to obtain $10 billion in funds for his personal use.

The complaint, filed yesterday in London’s High Court against Saad Trading, Contracting & Financial Services Co., “is part of a number of actions taken by the bank to protect its interests” related to Saad Group, Simon Copleston, the bank’s general counsel, said in an e-mailed statement. He declined to comment on the amount the bank is claiming in damages. Court documents weren’t immediately available.

Saad Group said in June that it was planning an “orderly restructuring” of its debt after it was affected by a “short-term liquidity squeeze.” At least three other banks have sued Saad trading over the past two months.