Middle-east Arab News Opinion | Asharq Al-awsat

Saad in Talks with Kuwait Banks to Settle Debt-Paper - ASHARQ AL-AWSAT English Archive
Select Page

KUWAIT, (Reuters) – Saudi Arabian conglomerate Saad Group has started talks with Kuwaiti lenders to settle its debts in order to avoid further lawsuits, a Kuwaiti newspaper said on Monday citing banking sources.

The move comes as Saad Group tries to avoid any further legal action that could be taken by Kuwaiti lenders, after Al Ahli Bank of Kuwait (ABK) sued the group, Kuwaiti daily newspaper al-Qabas reported.

“The crisis is on its way to the (debt) settlement negotiations,” Qabas said. The negotiations are expected to temporarily freeze legal actions, it added.

A spokesman for Saad declined to comment.

Last week, ABK sued Saad and its billionaire owner Maan al-Sanea in New York State Supreme Court for $125 million, alleging breach of contract and fraud over a credit agreement.

Earlier this month, two Saudi bankers told Reuters a Saudi government panel had brokered a debt restructuring deal between Saad and Saudi banks, though this deal excluded international lenders.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

More Posts

Follow Me:
FacebookGoogle PlusYouTube