A foreign exchange business owned by a Saudi conglomerate that collapsed owing US$9 billion (Dh33.05bn) to more than 100 banks may have been bust for 20 years, the High Court in London heard yesterday.
Ahmad Hamad Al Gosaibi and Brothers deliberately concealed this "secret" until it defaulted on its liabilities in 2009, it was alleged.
Al Gosaibi is facing a legal battle over the repayment of $250 million in loans and interest.
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