Al-Gosaibi legal wrangling continues in Dubai

About 100 bankers and lawyers met in Dubai Monday night with representatives of Ahmad Hamad Al-Gosaibi and Brothers Co, a Saudi conglomerate that's trying to restructure about $9 billion of debt, according to people familiar with the matter.

Creditors at the meeting were given a legal overview and shown details of alleged fraud by former Al- Gosaibi employee Maan al-Sanea - now chairman of Saad Group.

"The Al-Gosaibi family made clear that they are intent on holding Maan al-Sanea accountable and working with the banks to secure a just outcome," a spokesperson for the Al-Gosaibi group told the news agency Zawya Dow Jones, referring to the meetings.