An article published in Abu Dhabi's The National, June 26, claimed that the al Gosaibi family of Saudi Arabia was prepared to sell "much of its 70-year-old business empire to help pay its creditors, informed sources say."
The article by The National's Frank Kane stated "The family behind Ahmad Hamad Al Gosaibi and Brothers is offering creditors 20 cents on the dollar on US$9 billion (Dh33.05bn) of liabilities, funded by a disposal of assets, plus any proceeds of the family’s lawsuits against Maan al Sanea, a businessman and relative by marriage whom they accuse of defrauding the Al Gosaibi business. Mr al Sanea, the head of the Saad Group, has denied the allegations."
Read the full article here.
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