Saad Group News
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Saudi businessman Ghazi Abbar, who claims in an affidavit he lost $383 million of his family’s fortune on investments with Citigroup Inc., was sold one of the transactions even though the bank questioned his ability to properly manage them, according to an internal memo.
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The London Metal Exchange suspended 274 steel warrants held by the U.K. administrator for MF Global Holdings Ltd.
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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.
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Citigroup Inc. and the U.S. Securities and Exchange Commission defended their $285 million settlement of claims that the bank misled investors in collateralized debt obligations as a judge questioned whether the deal is in the public interest.
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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.
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Maan al-Sanea, founder of Saudi Arabia’s Saad Group, won dismissal of a $9.2 billion asset freeze in the Cayman Islands after Ahmad Hamad Algosaibi & Brothers Co. admitted failing to disclose evidence.
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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 ($89 million) held by its billionaire founder Maan al-Sanea.
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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.
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Massachusetts Attorney General Martha Coakley said she may sue major banks after she “lost confidence” that they will reach an adequate agreement to resolve disputes over foreclosure practices.
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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.
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