Societe Generale Sues Saad Group in London for $50 Million Debt

Societe Generale SA, France’s second-largest bank by market value, sued a unit of Saad Group, owned by Maan al-Sanea, a billionaire accused of falsifying documents to obtain $10 billion in funds for his personal use.

The complaint was filed at the High Court in London last month against Saad Trading Contracting & Financial Services Co., and released by the tribunal in part yesterday.

Societe Generale claims Saad Trading hasn’t been paid back for a $50 million loan arranged in February and guaranteed by al-Sanea. It’s seeking return of the money plus a commission and legal costs, according to the suit.

Initial posting here:http://rupertbumfrey.blogspot.com/2009/09/socgen-in-new-london-legal-fight.html