Societe Generale SA, France’s second- biggest bank, won a U.K. lawsuit forcing a unit of Saudi Arabia’s Saad Group to repay a loan of almost $50 million guaranteed by its billionaire founder Maan al-Sanea.
Societe Generale SA, France’s second-biggest bank, told a U.K. trial judge that a unit of Saudi Arabia’s Saad Group failed to repay a $50 million loan guaranteed by its billionaire founder Maan al-Sanea.
Saad Group, the business owned by Saudi billionaire Maan al-Sanea , was ordered by a U.K. judge to pay $33.1 million to Abu Dhabi Commercial Bank PJSC for defaulting on a foreign-currency swap agreement.
The investment unit of Saad Group, a Saudi company in global litigation over its default in 2009, won a U.K. court order freezing 57.3 million pounds ($88.7 million) held by its billionaire founder Maan al-Sanea.
Rupert Murdoch and his son James told U.K. lawmakers that resolution of a phone-hacking scandal at News Corp.’s British unit was delayed because they relied on a clean bill of health from the law firm Harbottle & Lewis LLP.
Maan al-Sanea, founder of Saudi Arabia’s Saad Group, must pay damages to competitor Ahmad Hamad Algosaibi & Brothers Co. for conspiracy and breach of fiduciary duty, a judge ruled in the Cayman Islands.
Saad Group, the business owned by Saudi billionaire Maan al-Sanea, that is seeking to delay payments on at least $6.5 billion of debt, has not reached an agreement with its creditors to restructure the loans, Chief Financial Officer Maan al-Zayer said.