ADCB demands $32m payment from Saad - The National Newspaper

Abu Dhabi Commercial Bank (ADCB) claimed in a UK court yesterday that it was owed about US$32 million (Dh117.5m) by the Saad Group, a troubled Saudi conglomerate.

ADCB told a judge in London that Saad Trading, Contracting and Financial Services, a division of the Saad Group, defaulted on a currency swap worth $32m last summer, according to a Bloomberg report.

The bank’s lawyer said Saad’s defence – that the bank did not alert it on time about the termination of the agreement – was a tactic “designed only to delay judgment day against it”, Bloomberg reported.