Saudi Group Seeks to Stop Banks Claiming Assets After Default - Bloomberg:
Ahmad Hamad Algosaibi & Brothers Co. will seek to prevent Arab National Bank and another lender from claiming assets of the Saudi Arabian company to settle outstanding loans, according to its acting chief executive officer.
Algosaibi will oppose the move because the assets are meant to be frozen by a royal decree to ensure all creditors are treated fairly, Simon Charlton said in an interview in Dubai, without naming the second bank. The dispute over the portfolio of publicly-traded Saudi equities and accumulated dividends is now before a Saudi court appointed to oversee claims against the company, he said.
Algosaibi and billionaire Maan al-Sanea’s Saad Group, two Saudi family holding companies, defaulted on about $15 billion of loans in 2009 as the global economic crisis froze credit markets and asset prices slumped. The companies and banks are now in talks over how to resolve what was the Middle East’s largest-ever default.
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