12 November was not a good day for Maan Al Sanea.
Not in the UAE where a court place a protective order on the assets of Saad Group and Saad Trading Contracting and Financial Services in an amount of US$151 million at the request of an unnamed Abu Dhabi Bank. Article here. More coverage here and here.
Nor in the USA where the court-appointed liquidator for Saad Investments Company Ltd (Caymans) ("SICL") made a Chapter 15 filing in Delaware to protect the assets of Saad Investments Finance (owned by SICL) against third party attachments as per this report.
Some details on exposure disclosed so far to Gulf Banks.
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