Saad Group, the business owned by Saudi billionaire Maan al-Sanea, was ordered by a U.K. judge to pay $33.1 million to Abu Dhabi Commercial Bank PJSC for defaulting on a foreign-currency swap agreement.
Saad Trading Contracting and Financial Services Co.’s defenses that Abu Dhabi didn’t terminate the swap agreement on time or specify a bank account for payment were “hopeless,” Judge Michael Brindle ruled today in the High Court in London.
Saad defaulted when its credit rating was withdrawn in June 2009, Brindle said. The company, based in al-Khobar, Saudi Arabia, argued the default applied to other deals between the companies and not to the 2008 swap created for Saad to hedge against future currency fluctuations."
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