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ADCB files $30m claim against Saad unit
- United Arab Emirates: Sunday, September 06 - 2009 at 12:42
Abu Dhabi Commercial Bank, the UAE's third largest lender by assets, has filed an $30m debt claim against a unit of troubled Saudi conglomerate Saad Group. The claim is the first against the troubled group by ADCB and more claims are likely to follow. ADCB, which has significant exposure to the group, filed the claim last week in London's High Court against Saad Trading, Contracting & Financial Services Company, part of the Saad Group owned by Maan Al-Sanea, the Saudi billionaire. (Mac Capital Advisors)
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