Complex Made Simple

Saudi Algosaibi family concedes case in UK court

Ahmad Hamad Algosaibi & Brothers Co, a Saudi investment company that defaulted on billions of dollars of debt, has decided not to defend itself against a $250m UK lawsuit filed by HSBC Holdings and four other banks. The company switched course during a London trial after deciding the judge would likely find the firm hadn't done enough to prevent the fraud it alleges were behind the loans, the family said in a statement yesterday.