Mashreqbank PSC, the United Arab Emirates-based lender owned by billionaire Abdul Aziz al- Ghurair, said it received “no settlement offer” from Saad Group or Ahmad Hamad Algosaibi & Bros Co., the Saudi family groups that defaulted on payments.
“No settlement offer has been received from Saad and Algosaibi and therefore none is under consideration,’’ the bank said in a statement to the Dubai bourse today. “The status of amounts owed to Mashreqbank remains unchanged.”
The bank is suing Algosaibi in New York and the U.A.E. over failed foreign currency transactions. Mashreqbank said on Sept. 16 it was owed about $400 million by Algosaibi. Chief Executive Officer Al-Ghurair said on Nov. 2 that the bank may hold talks to reach a settlement with the Algosaibi group.
Mashreqbank will evaluate any opportunity to invest in a proposed bond program by the Dubai government, “applying its usual criteria for such investments,” according to today’s statement.END
No comments:
Post a Comment