Sunday, June 6, 2010

Gulf Bank Sues AlGosaibi and Saad Groups in Saudi Arabia

According to Marwan AlBadr of  AlQabas, Gulf Bank filed suits in Saudi against both AlGosaibi and Saad in two legal forums:
  1. The Negotiable Instruments Committee - which deals with bank checks, letters of credit and similar instruments.  The NIC has set a hearing for March 2011.
  2. The Committee for the Settlement of Bank Disputes - which is a SAMA committee to resolve disputes over loans and lines of credit.
It's expected that other banks will follow suit with suits in Saudi.

2 comments:

Laocowboy2 said...

Is there any track record of success by non-Saudi lenders (as opposed to Saudi lenders) in actually obtaining (a) judgement and then (more importantly) (b) execution against local assets?

Laocowboy2 said...

So the outcome will be doubly interesting!