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Saudi Arabia: Algosaibi battles continue
Around the world, battles continue surrounding the Ahmed Hamad Algosaibi & Brothers company (Ahab) and subsidiaries’ default, which dates back to the 2009 crash that the family blames on Maan Al-Sanea. The Algosaibis argue that some $9bn is in play; banks suing Ahab reportedly have some $5.9bn in outstanding claims, of which one-third is held by Saudi banks, and most of the rest by international banks (those with big exposures include BNP Paribas and Standard Chartered). ‘Vulture’ and other funds have purchased paper in secondary market deals, which could further complicate an eventual settlement, which will surely involve creditors taking a substantial ‘haircut’ on their debts.
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