Wednesday, June 23, 2010

First Gulf Bank Sues AlGosaibi for AED58.7 Million

First Gulf Bank has launched a suit in the Abu Dhabi Court of First Instance against AlGosaibi's local company and AHAB itself.

Both parties are being quiet about the details of the case.

FGB reportedly has a US$55 million in exposure to both AlGosaibi and Saad.

From recent press announcements it appears that the legal tide has turned - and that the current focus is now on AlGosaibi.

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