tag:blogger.com,1999:blog-5124857623766724513.post4166751985434051136..comments2024-01-13T08:27:40.266+00:00Comments on Suq Al Mal: AlGosaibi v Maan AlSanea - Grant Thornton to Broker "Peace" Deal? Authorities Supporing?Abu 'Arqalahttp://www.blogger.com/profile/01296250358695456059noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-5124857623766724513.post-2006993561313571352010-07-02T18:14:19.287+01:002010-07-02T18:14:19.287+01:00Laocowboy2
Can't comment on the "old&quo...Laocowboy2<br /><br />Can't comment on the "old". As to "skeptical" perhaps a more apt description is "experienced" or "realistic".<br /><br />As to bankers' Alzheimers, I already forgot what we were discussing. <br /><br />From SAADCO to SAAD. From AAA to AHAB.Abu 'Arqalahttps://www.blogger.com/profile/01296250358695456059noreply@blogger.comtag:blogger.com,1999:blog-5124857623766724513.post-60606695464214104322010-07-02T06:23:36.080+01:002010-07-02T06:23:36.080+01:00I may be old and cynical but I see this as a prefa...I may be old and cynical but I see this as a preface to a deal whereby the Saudi banks get most (if not all) of their claims settled while foreign creditors (at least those without security - much of the Al Sanea overseas debt at SICL was secured) get stiffed.<br /><br />When will people ever learn that the GCC is different - and the KSA even more different! Sadly this will probably mean that decent borrowers in the GCC region will find it even more difficult to access international markets - at least until the aggressive Alzheimers that seems to infect most bankers works its magic once again - say 2012 or so?Laocowboy2noreply@blogger.comtag:blogger.com,1999:blog-5124857623766724513.post-27181910251085031492010-07-01T15:27:41.241+01:002010-07-01T15:27:41.241+01:00You are correct that there is no necessary link be...You are correct that there is no necessary link between criminal and civil proceedings. Either may proceed without the other. <br /><br />But as a practical matter, there may be.<br /><br />I rather doubt that the authorities in the region are eager to launch a criminal prosecution in this case. And are no doubt fervently wishing all this would just "go away". <br /><br />A key issue for foreign jurisdictions would be their ability to obtain and interpret evidence, secure the presence of witnesses, and all the other aspects of bringing charges and then prosecuting. Here many of the documents in a foreign language, radically different law systems apply, the mechanics of business transactions are abstruse. A good defense attorney would be able to confuse a jury quite easily. I'm aware of a case not so long ago in one of the sophisticated Western countries where a learned judge was convinced that in Saudi Arabia, the mere declaration by a debtor that he wanted to renegotiate his loans was tantamount to Chapter 11 in the USA.<br /><br />What would motivate foreign authorities to embark on this arduous road? The pursuit of justice for justice's sake? <br /><br />Sadly, I don't think so. <br /><br />If they have no direct interest in the case and the alleged crimes do not directly touch their national interests, I suspect the attitude will be let the local authorities prosecute. I'd note here as always that all of the parties to the dispute forcefully hold to their innocence. As pure as the snows of Tabuk in January 2008 - or so I am told.<br /><br />Time will of course tell whether a criminal proceeding is launched. <br /><br />I won't by holding my breath. And suggest you don't either.Abu 'Arqalahttps://www.blogger.com/profile/01296250358695456059noreply@blogger.comtag:blogger.com,1999:blog-5124857623766724513.post-53040531216857432502010-07-01T05:26:12.354+01:002010-07-01T05:26:12.354+01:00but criminal prosecution has nothing to do with th...but criminal prosecution has nothing to do with the civil matter, right? No matter what settlement is reached (which everyone on the civil side has an interest in doing) Al Sanea is still being investigated by US authorities in addition to all the others.Anonymousnoreply@blogger.com