Feb 10 2011: Bloomberg has provided an update to the ongoing Algosaibi dispute, giving further detail to the claims lodged in Saudi Arabia against the Algosaibis, as well as the recent jurisdictional decision in the Cayman Islands.
According to the news agency, the Algosaibis "may owe $2.4 billion to 10 Saudi Arabian banks, according to filings by the lenders to the country’s Committee for the Settlement of Banking Disputes." Filings seen by Bloomberg state that The Saudi Investment Bank has submitted the largest claim, with Al Rajhi Bank and National Commercial Bank filing for 1.5 billion riyals each. It is believed Mr Al-Sanea reached a deal with his Saudi creditors last year.
Eric Lewis, the legal representative of the Algosaibis, said in a statement that "AHAB is committed to continuing the ongoing dialogue with all stakeholders, including its dialogue with Saudi banks”.
Bloomberg also reported the recent decision of Justice Chadwick in the the Cayman Court of Appeal regarding where the claims should be heard. Justice Chadwick said that "the Cayman Islands was the jurisdiction in which the claims in these proceedings could be appropriately tried in the interests of all parties".
The remaining judicial entity which can rule definitively on jurisdiction is Britain's Privy Council, the UK's highest court, to which the Cayman Court is ultimately answerable. The Privy Council can, if it agrees with any representation made to it, overrule the Cayman Court of Appeal's decision.
Read the Bloomberg report here.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment