Following up on an earlier story, AlQabas reports that the lawyers for four local banks (named earlier as Kuwait Finance House. Commercial Bank of Kuwait, Gulf Bank and Burgan Bank) are putting the finishing touches on the "files" (cases) which will be filed in London and Riyadh. Apparently, some of the loans (which are described as being no less than US$1.5 billion) are subject to Saudi law!
According to the article, the motive for pursuing the cases in Court is that negotiations weren't fruitful.
The article also mentions the ongoing suit by AlAhli Bank of Kuwait against Saad in the New York Supreme Court.
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