Mashreq certain Ahab, Saad case should be in US
Even as a New York State judge has voiced his concern that the lawsuits involving Ahmad Hamad Algosaibi & Bros (Ahab) and Saad Group chairman Maan Al Sanea may not belong in the US courts, Mashreq, which is involved in related litigation in the US with the Saudi parties, has reiterated that the bank is certain of its case as the transactions were undertaken in New York.
"Mashreq's original claims were filed in New York because in performing its obligations in two foreign exchange transactions, Mashreq paid $225 million to Ahab and TIBC's bank accounts in New York. Mashreq is certain of its case," Mashreq said in a statement to Emirates Business.
The motions to be heard on January 5 were Mash-req's motion to dismiss Ahab's counterclaim, Ahab partners' to dismiss Mashreq's claim against the partners, and Maan Al Sanea's that New York is not the appropriate jurisdiction for Ahab's claim against him.
"It is important to note the judge made no rulings. The issue in court centred on whether the Ahab 'third party claim' against Al Sanea should be heard in New York. The judge asked Ahab to respond to Al Sanea's motion objecting to New York's jurisdiction and the claims against Al Sanea. Further the judge requested Mashreq to comment on these issues following Ahab's submission," said Mashreq.
Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.
Follow Emirates 24|7 on Google News.