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Al Ahli files $125m Saad suit

  • Kuwait: Thursday, September 24 - 2009 at 09:37

Kuwait-based Al Ahli Bank (ABK) has filed a law suit in the New York State Supreme Court against Saudi Arabia-based conglomerate Saad and its billionaire owner Maan al-Sanea for $125m, for breach of contract and fraud over a credit agreement, Reuters has reported. According to court papers, ABK is accusing Saad of breaking a $60m credit facilities' agreement in 2007.

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