Algosaibi seems to be sued in … KSA
Posted by Ivo Cerckel on July 22nd, 2009
As the article does not mention the jurisdiction, I suppose it’s the Kingdom of Saudi Arabia. (1)
Why does Algosaibi’s bank not sue Algosaibi in the land of the dollar regime?
No, only Algosaibi (and Bahrain’s ABC) is (are) allowed to sue Saad Group in the said land of the free (so-called land, forcing dollar pegs). (2)
Ivo Cerckel
honestmoney@maktoob.com
http://twitter.com/ivocerckel/
(1)
Mashreq confirms it is suing Algosaibi
Dubai: 1 hour and 31 minutes ago http://www.tradearabia.com/news/newsdetails.asp?Sn=BANK&artid=164715
SNIPS
Dubai-based Mashreq bank confirmed on Tuesday it is suing Ahmad Hamad Algosaibi & Bros (AHAB), one of two Saudi conglomerates involved in a large financial dispute, over alleged irregularities.
+
The Algosaibi lawsuit said Mashreq sued it for $150 million that it does not owe.
(2)
lawsuit vs Saad Group in London demanding dollars
Posted by Ivo Cerckel on July 20th, 2009
http://bphouse.com/honest_money/2009/07/20/lawsuit-vs-saad-group-in-london-demanding-dollars/
[If the link does not work try to copy it and to paste it in your browser]
No related posts.
July 22nd, 2009 at 15:43
Mashreq confirms it is suing Algosaibi
United Arab Emirates: 1 hour, 1 minute ago
http://www.ameinfo.com/204479.html
Dubai-based Mashreq bank has confirmed it is ‘currently engaged in legal proceedings’ against Ahmad Hamad Algosaibi and Bros, one of two Saudi conglomerates involved in a large financial dispute, over alleged irregularities. Algosaibi last week sued Maan AlÜSanea, the billionaire head of the Saad Group, for fraud in a U.S. court in a case involving allegations of $10bn in loan irregularities. The Algosaibi lawsuit said Mashreq sued it for $150m that it does not owe. It said that if the conglomerate does owe the money then it is because Sanea created the liability through fraud.
July 22nd, 2009 at 15:50
Still not indicated in what jurisdiction the case has been filed.
Dubai bank Mashreq confirms suing Al-Gosaibi
Reuters Jul 21, 2009 at 15:31
http://business.maktoob.com/20090000008312/Dubai_bank_Mashreq_confirms_suing_Al_Gosaibi_/Article.htm
SNIP
UAE’s Mashreq bank confirmed on Tuesday it is suing Ahmad Hamad Al-Gosaibi & Bros (AHAB), one of two Saudi conglomerates involved in a large financial dispute, over alleged irregularities.
The Dubai-based bank said “it is currently engaged in legal proceedings,” adding it won’t comment any further as “the matter is sub judice”.
A spokesman for Mashreq confirmed the statement is related to the financial trouble at Al-Gosaibi and another Saudi family-owned firm, Saad Group.
July 23rd, 2009 at 08:48
At least four banks have also taken legal action against the Saudi companies [Saad Group and the Algosaibi group] over debts owed them, including Mashreqbank in the UAE. Such action could hinder the two companies’ attempts to restructure their debt with the co-operation of creditors
(Gulf loans to troubled groups ‘manageable’
By Andrew England in Abu Dhabi
Published: July 22 2009 13:37 | Last updated: July 22 2009 18:42
http://www.ft.com/cms/s/0/23351e50-76ba-11de-9877-00144feabdc0.html
July 23rd, 2009 at 16:09
Indeed, it would appear that Algosaibi and not Saad Group is the bad boy.
Saudi’s Al-Gosaibi fires senior executive
Jul 23, 2009 at 06:35
http://business.maktoob.com/20090000008428/Saudi_s_Al_Gosaibi_fires_senior_executive/Article.htm
Ahmad Hamad Al-Gosaibi & Brothers Co, or AHAB, the financially troubled Saudi family conglomerate, has fired a senior executive after he made a press statement to an Arabic language newspaper, Saudi-based Al Eqtisadiah daily reported on Thursday.
Mohammed Salem al-Hindi, senior vice-president at AHAB, was fired after his “unacceptable behavior in his last statement” to London-based Al Hayat newspaper on July 13, and because of “his incorrect statements about the group”, the paper reports, citing a statement issued by AHAB.
AHAB said Hindi will not represent the group any longer and will be banned from working for it in the future.
Family-owned AHAB is struggling to restructure its debts after defaulting on some of its payments earlier this year.
AHAB officials weren’t immediately available for comment when contacted by Zawya Dow Jones on Thursday.
July 23rd, 2009 at 18:09
[...] troubled family firms Saad Group and Ahmad Hamad Algosaibi and Bros (AHAB) [...] have refused to detail the size of debt problems restructuring and [...] now battle in court in New York.
(Reuters
ANALYSIS-Saudi corp bond market needs sovereign, new laws
07.23.09, 04:33 AM EDT
http://www.forbes.com/feeds/reuters/2009/07/23/2009-07-23T083303Z_01_LI440611_RTRIDST_0_SAUDI-BONDS-ANALYSIS.html
Ivo:
Algosaibi SEEMS to be sued by Dubai-based Mashreq bank in … KSA
We wait and we see …
July 24th, 2009 at 08:15
Now we know …
The lawsuit [by Dubai-based Mashreqbank against Algosaibi] – which was filed in New York on July 15 – will add to the pressure on the Algosaibis [...], says the Financial Times this morning, (1)
And this blogger was thus again wrong.
Note how the Financial Times is saying that as an afterthought between two how-do-you-call-that (hyphens? thought lines?)
Perhaps somebody is reading this blog.
New ground is still being broken in the area of the conflict of laws. (2)
Ivo Cerckel
NOTES
(1)
Dubai bank files lawsuit against Algosaibis
By Andrew England in Abu Dhabi
Published: July 23 2009 23:39 | Last updated: July 23 2009 23:39
http://www.ft.com/cms/s/0/9bdf2762-77a3-11de-9713-00144feabdc0.html
(2)
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/
July 24th, 2009 at 09:12
And Algosaibi has not fired Al Hindi.
Algosaibi says vice president has not been fired
by Soren Billing
on Thursday, 23 July 2009
http://www.arabianbusiness.com/562831-algosaibi-says-vice-president-has-not-been-fired
SNIPS
Saudi industrial conglomerate Algosaibi Group on Thursday denied having fired a senior executive for statements he made to a newspaper last week.
+
In the July 13 article, Al Hindi said that the group’s consolidated debt had yet to be determined but that loans owed by AHAB’s non-banking units did not exceed SAR30m ($8m).
UNSNIP
Ivo:
Everything is well for the dollar regime
July 25th, 2009 at 07:49
UAE banks had been waiting for instructions from the central bank on how to treat their risks to the two Saudi groups before reporting second-quarter results.
(UAE central bank wants 75% write-offs on Saudi’s Saad, Algosaibi loans
Source: BI-ME and Bloomberg , Author: BI-ME staff
Posted: Fri July 24, 2009 3:53 pm
http://www.bi-me.com/main.php?id=39167&t=1&c=34&cg=4&mset=1011
July 25th, 2009 at 07:55
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 New York.
How can it be sued there?
Ivo
(1)
UPDATE 2-Saad lenders eye assets of Swiss subsidiary-source
Fri Jul 24, 2009 12:12pm EDT
http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSLO18019620090724
July 25th, 2009 at 09:12
Saad Group also to be sued in Geneva. (1)
Yes, Saad Group is spread across Saudi Arabia, Bahrain, Cayman Islands and SWITZERLAND. (2)
Ivo Cerckel
(1)
Kingdom facing up to fallout from the Saad affair
Frank Kane
Last Updated: July 24. 2009 10:08PM UAE / July 24. 2009 6:08PM GMT
http://www.thenational.ae/apps/pbcs.dll/article?AID=/20090725/BUSINESS/707249796/1058&template=columnists
(2)
UPDATE 2-Saad lenders eye assets of Swiss subsidiary-source
Fri Jul 24, 2009 12:12pm EDT
http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSLO18019620090724
July 25th, 2009 at 10:11
Saad lenders eye assets of Swiss subsidiary – source
by Tom Freke on Friday, 24 July 2009
http://www.arabianbusiness.com/562856-saad-lenders-eye-assets-of-swiss-subsidiary—source
SNIPS
Europe’s banks are examining ways to reclaim funds from Saudi Arabia’s Saad Group, and may take control of its Swiss subsidiary, Saad Investments, a source familiar with the situation said on Friday.
+
The Geneva-headquarted business, Saad Investments Company Ltd (SICL), holds many of Saad’s offshore investments and is registered in the Cayman Islands.
July 25th, 2009 at 13:34
Yes, my dear Americans. So what?
From Wikipedia, the free encyclopedia
Minimum contacts is a term used in the United States law of civil procedure to determine when it is appropriate for a court in one state to assert personal jurisdiction over a defendant from another state. The United States Supreme Court has decided a number of cases that have established and refined the principle that it is unfair for a court to assert jurisdiction over a party unless that party’s contacts with the state in which that court sits are such that the party “could reasonably expect to be haled[1] into court” in that state. This jurisdiction must “not offend traditional notions of fair play and substantial justice.” International Shoe Co. v. Washington, 326 U.S. 310 (1945).
http://en.wikipedia.org/wiki/Minimum_contacts