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Article: United Arab Emirates : UAE s ADCB files $30m claim against Saad unit.
- Article from:
- TendersInfo
- Article date:
- September 7, 2009
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Byline: babalu03
Abu Dhabi Commercial Bank (ADCB), the United Arab Emirates third largest lender by assets, has filed a $30 million debt claim against a unit of troubled Saudi conglomerate Saad Group, sources said.
The claim is the first against the troubled group by ADCB and more claims are likely to follow, the bank sources told Reuters late on Thursday. ADCB, which has significant exposure to the group, filed the claim on Wednesday in London s High Court against Saad Trading, Contracting and Financial Services Company, part of the Saad Group that is owned by Maan Al-Sanea, the Saudi billionaire. It is a $30 million debt claim and relates to a foreign ...