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Saudi Algosaibi to sue Mashreq Bank
- Saudi Arabia: Tuesday, August 25 - 2009 at 10:02
Saudi-based Ahmad Hamad Algosaibi and Bros (AHAB) intends to sue Dubai-based Mashreq Bank in a New York court, for being "wilfully blind" to irregular deals that helped lead Algosaibi into default, Reuters reports. The decision to take legal action follows Mashreq's $150m suit filed earlier this year against Algosaibi. AHAB's legal counsel Eric Lewis claims Mashreq made $12m in profit through irregular short-term loans that were rolled over continuously, as a means of financing the Money Exchange currency trading house owned by Saad Group. In a statement, Mashreq said: 'The charges are completely without merit, outrageous in the extreme and really nothing more than an attempt by Algosaibi to divert attention away from their own responsibility."
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StaffTuesday, August 25 - 2009 at 10:02 UAE local time (GMT+4)
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