UK court rules in favour of ADCB

A British court on Tuesday found Saad Group guilty of defaulting on a currency-exchange deal and ordered the Saudi conglomerate to pay $33.1 million (Dh121.5 million) to Abu Dhabi Commercial Bank (ADCB), The National reported.

According to the daily, Judge Michael Brindle ruled in London’s High Court that Saad Trading, Contracting and Financial Services defaulted on the  transaction when its credit ratings were withdrawn in June 2009.

This is one of the first victories in court cases that began when trouble erupted in the summer of 2009 at Saad and Ahmad Hamad Al Gosaibi and Brothers, another large Saudi business.

The judge called Saad's argument that ADCB failed to terminate the deal on time "hopeless."

While it was unclear if Saad would go on appeal, the report said neither party commented.

Courts in the UAE, Bahrain, London, New York and The Cayman Islands are hearing cases filed by dozens of banks that sued both Saad and Al Gosaibi groups for default.
 

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