ANNOUNCED AS TEMPORARYNo
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late November 2009 when the British Bankers' Association asked the British government to help resolve the dispute in an unpublished letter to UK trade, investment and business minister, Mervyn Davies.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.
⚑ Please report this page in case you detect an inaccuracy in its content.