lawsuit vs Saad Group in London demanding dollars
Posted by Ivo Cerckel on July 20th, 2009
If as a Bahraini company you file a lawsuit in London against a Saudi company, should you not demand payment in pound sterling?
Is the dollar legal tender in Bahrain?
How long will this joke continue?
ABC files $30m suit against Saad unit
Manama: 1 hour and 45 minutes ago
http://www.tradearabia.com/news/newsdetails.asp?Sn=BANK&artid=164590
SNIP
Bahrain-based banking giant Arab Banking Corporation (ABC) is taking a unit of the Saad Group to court in the UK, claiming millions of dollars.
It is seeking almost $30 million (BD11.34 million) in the lawsuit filed against the Saad Trading and Contracting Company at the High Court in London, according to the UK’s Financial Times.
That is a subsidiary of the Saad Group, whose chairman and chief executive officer Maan Al Sanea owns the Bahrain-based Awal Bank.
UNSNIP
Quousque tandem abutere patientia nostra? (Cicero against Catilina – How long will you continue to abuse our patience?)
As I asked earlier today:
How could the British judges possibly have jurisdiction? How could the British taxpayer be forced to pay for the resolution of this dispute between two Gulf companies? (1)
Ivo Cerckel
honestmoney@maktoob.com
http://twitter.com/ivocerckel/
NOTE
(1)
mutatis mutandis
FT and Reuters break new ground in conflict of laws
Posted by Ivo Cerckel on July 20th, 2009
http://bphouse.com/honest_money/2009/07/20/ft-new-ground/
[If the link does not work try to copy it and to paste it in your browser]
No related posts.
July 20th, 2009 at 15:52
http://twitter.com/IvoCerckel/status/2735390531
How long will the persecution of Saad Group by the dollar regime in the US and UK bases of that regime continue?
July 20th, 2009 at 15:57
While the Algosaibi family is an older, well-established trading, industrial and investment group, al-Sanea and his Saad group grew to prominence only in the past 10 to 15 years.
(Saudi fraud dispute reaches court
MONDAY, JULY 20, 2009
10:06 MECCA TIME, 07:06 GMT
http://english.aljazeera.net/news/middleeast/2009/07/20097206033687403.html
July 22nd, 2009 at 00:28
[...] lawsuit vs Saad Group in London demanding dollars [...]
July 25th, 2009 at 07:58
Saad Group is split between a number of businesses, spread across Saudi Arabia, Bahrain, Cayman Islands and Switzerland. (1)
Saad has thus no business in London.
How can it been sued there?
Because the the Cayman Islands are a British overseas territory?
Ivo
(!)
UPDATE 2-Saad lenders eye assets of Swiss subsidiary-source
Fri Jul 24, 2009 12:12pm EDT
http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSLO18019620090724