Ahmad Hamad Algosaibi & Brothers Co. may owe $2.4 billion to 10 Saudi Arabian banks, according to filings by the lenders to the country’s Committee for the Settlement of Banking Disputes.
The Saudi Investment Bank submitted the largest claim of 2 billion riyals ($533 million), according to filings obtained by Bloomberg News. Al Rajhi Bank and National Commercial Bank filed for 1.5 billion riyals each, the documents show.
The dispute between Algosaibi and the founder of Saad Group, Maan al-Sanea, marked the largest default in the kingdom to come out of the financial crisis. Units of the two family groups borrowed at least $15.7 billion from more than 80 regional and international banks, including Paris-based BNP Paribas SA, New York-based Citigroup Inc. and Arab Bank Plc in Amman, Jordan, documents provided by lenders in 2009 show.
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