Mashreqbank PSC Chief Executive Officer Abdul Aziz Al-Ghurair said the United Arab Emirates- based lender may hold talks to reach a settlement with Ahmad Hamad Algosaibi & Bros Co., a Saudi family group that defaulted.
“There are no talks but there are signs we may be heading in that direction,” Al-Ghurair said today at a forum in Kuwait City. “They started talking about some kind of settlements and offers which may include repaying some in installments.”
The bank, owned by billionaire Al-Ghurair, 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.
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