Bloomberg has reported that the Saad Group must pay $33.1 million to Abu Dhabi Commercial Bank PGSC for "defaulting on a foreign currency swap agreement."
The ruling was made by a UK Judge in London this week and is believed to be the first such ruling. Bloomberg reports that Saad defaulted when its credit rating was withdrawn in July 2009.
Bloomberg says that Saad argued in court that the default "applied to other deals between the companies and not to the 2008 swap created for Saad to hedge against future currency fluctuations." Their defenses were reportedly dismissed by the Judge as 'hopeless'.
Read the original Bloomberg report here.
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