IMPLEMENTATION LEVEL

National

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

firm-specific

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: No inception date

Bailout (capital injection or equity participation)

Apparently, the two conglomorates Saad and Ahmad Hamad Algosaibi Brothers have reached a settlement with Saudi banks in late September 2009 while "no apparent procedures are being used" for the resolution of foreign liabilities.
 
The issue.has gained governmental attention in late November 2009 when the British Bankers' Association asked the British government to help resolve the dispute in an unpublished letter to UK trade, investment and business minister, Mervyn Davies.
 
The combined debt of the two family-owned conglomerates to local and international banks is estimated to amount to USD 20 billion.

AFFECTED COUNTRIES

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