Following the recent news that a lawsuit had been launched against AHAB by the bankruptcy lawyers administering their own bank, The International Banking Corporation (TIBC), Abu Dhabi's The National newspaper now reports that First Gulf Bank, the UAE’s fourth-largest bank by assets, is suing the troubled Saudi conglomerate, Ahmad Hamad Al Gosaibi and Brothers, over an alleged default on Dh58.7 million (US$15.98m) of loans.
The lawsuit, lodged in the Abu Dhabi Court of First Instance last year, seeks recovery of the value of the loans plus lawyers’ fees and interest, court documents obtained by The National show.
The lawsuit names Al Gosaibi’s trading business in Dubai and its parent company in Saudi Arabia as defendants.
Representatives of First Gulf Bank and the Al Gosaibi group could not be reached for comment. But a lawyer at Hilal and Associates in Abu Dhabi, which is acting for First Gulf Bank, said the case was still in the Court of First Instance and that no judgment had yet been made. He confirmed the Dh58.7m default claim but said the remaining details of the case were “secret”.
Read the full article by The National's Asa Fitch here.
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