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Tuesday 20 July 2010
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.
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