Algosaibi Family Ordered by U.K. Court to Show Saudi Assets - Bloomberg

Saudi Arabia’s Algosaibi family and their company, which defaulted in 2009, were ordered by a U.K. judge to disclose their assets after admitting liability in a $250 million lawsuit by HSBC Holdings Plc (HSBA) and four other banks.

Ahmad Hamad Algosaibi & Brothers Co. and more than a dozen “wealthy” family members must provide lists of all assets worth $50,000 or more by Aug. 4, including property in Saudi Arabia, Justice Julian Flaux ruled today in the High Court in London.

Algosaibi, which had sought as many as six weeks to catalogue its Saudi possessions, was also told to reveal if any business assets had been moved irregularly since June 16, when the family dropped its defense during a trial on the banks’ claims. The company still hasn’t made a public offer to pay the banks, Flaux said.

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