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Al Gosaibi owes $9.2bn in over 100 banks
- Saudi Arabia: Saturday, June 27 - 2009 at 09:40
Saudi family holding company Ahmad Hamad Al Gosaibi & Brothers Co, owes $9.2bn to more than 100 banks, Bloomberg has cited two sources. The company whose Bahraini bank has defaulted held a meeting with creditors in Bahrain on June 24 to ask for a grace period of 90 days to investigate the debt. The report further mentioned international banks hold 30% of the debt of Al Gosaibi's four financial divisions, TIBC, Saudi-based Money Exchange, Bermuda-based Al Gosaibi Trading Services, and Bahrain-based Al Gosaibi Investment Holding.
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Medilyn Manibo, Assistant News EditorSaturday, June 27 - 2009 at 09:40 UAE local time (GMT+4)
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