Saudi Arabian banks have lodged formal claims against the al Gosaibi family for immediate repayment of at least 3.2 billion Saudi riyals (Dh3.13bn) of liabilities owed by its indebted businesses.
Documents seen by The National show that at least four big banks in the kingdom have submitted claims to the Committee for the Resolution of Banking Disputes, a body set up by the Saudi Arabia Monetary Agency (SAMA), demanding immediate repayment of loans and credit facilities.
The biggest claim so far is by Al Rajhi Banking and Investment, based in Riyadh, which has asked for the immediate repayment of 1.54bn riyals from Ahmad Hamad Algosaibi and Brothers, the family partnership.
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