UAE banks to freeze assets of Saudi conglomerate

Abu Dhabi Commercial Bank says the troubled Saudi group owes it Dh554 million. (CRAIG SCARR)

Published Saturday, November 14, 2009

By AFP

An Abu Dhabi court has ordered banks in the United Arab Emirates to freeze the assets of troubled Saudi conglomerate Saad and its partners over bad debts, it was reported on Friday.

The Summary Proceedings Court in the UAE capital issued the ruling on Thursday affecting the assets of Saad Trading, Contracting and Financial Services and Saad Holding, as well as their partners, according to a report in Gulf News.

Bank deposits, other assets and properties in the UAE and shares they own in a number of companies listed on the local stock markets will all be frozen in favour of Abu Dhabi Commercial Bank, the court was quoted as ruling.

It said the Saad interests had defaulted on Dh554 million ($151 million, 101.3 million euros) in loan and credit agreements with ADCB.

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The page was last updated on: 14 January 2016 19:26