Al Gosaibis make offer to end long legal battle | The National:
"The Al Gosaibi family of Saudi Arabia has offered a peace deal to Maan Al Sanea, their bitter enemy for the past six years, if negotiations can be entered to end the Middle East’s longest running corporate “frozen conflict”.
“I’d be happy to negotiate a settlement and drop outstanding litigation against Maan and Saad Group [Mr Al Sanea’s company],” Simon Charlton, the chief executive of the family partnership Ahmad Hamad Al Gosaibi and Brothers (Ahab), said last night. “The cost of the continuing actions is becoming counterproductive, and it could take another six years of legal action. If I have to do that, I will but maybe the time has come to negotiate a settlement in this whole affair.”
In May 2009 Ahab defaulted on its debts, sparking the marathon battle with creditors. The Al Gosaibis blamed Mr Al Sanea, a financier who married into their family, and accused him of theft, fraud and forgery, sparking legal actions across three continents. At one stage, it was suggested up to US$20 billion was owed to creditors of either Ahab or Saad Group."
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