Tuesday, July 27, 2010

AlGosaibi v Maan AlSanea - English Court Rules Saad to Pay ADCB US$33.1 Million

Asa Fitch over at The National reports that an English Court has ruled in favor of ADCB ordering Saad Trading Contracting and Financial Services to pay ADCB US$33.1 million for a defaulted foreign exchange swap.  The default was triggered by a decline (withdrawal) of STFCS' rating last year June.

Saad does have the right of appeal.

And of course obtaining a court decision in one's favor and obtaining the cash are two different things. 

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