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Article: Deutsche Bank and Commerzbank file law suits against Algosaibi.
- Article from:
- CPI Financial
- Article date:
- July 30, 2009
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Byline: news@cpifinancial.net (Staff Writer)
The Deutsche Bank lawsuit, filed in New York state court on May 13 this year, seeks $74.2 million from The International Banking Corporation BSC over a failed foreign-exchange swap agreement. Commerzbank filed a separate complaint on June 3 this year in London, claiming that it's owed $144 million by Algosaibi Investment Holdings EC.
Ahmad Hamad Algosaibi & Brothers Co., a family-run holding company that's restructuring its debt, said in May it hadn't made payments to creditors of Bahrain-based TIBC "pending a debt restructuring exercise." The Algosaibi group owes a total of 34 billion Saudi riyals ($9 ...