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Mashreqbank has received “no settlement offer” from Saad and Algosaibi groups

AE-based Mashreqbank has not received a settlement offer from troubled Saudi firms Saad Group...


November 15, 2009 2:31 by

UAE-based Mashreqbank has not received a settlement offer from troubled Saudi firms Saad Group and Ahmad Hamad Algosaibi & Bros Co., reports Bloomberg, citing a company statement to the Dubai bourse on Sunday.

“No settlement offer has been received from Saad and Algosaibi and therefore none is under consideration. The status of amounts owed to Mashreqbank remains unchanged,” it said.

Mashreqbank, which is owned by Abdul Aziz al-Ghurair, is suing the Algosaibi Group in both the UAE and New York for defaults in payments. Mashreqbank said in September it is owed $400 million by the group.

Al-Ghurair said on November 2 the bank may hold talks with the group to reach a settlement.


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