IslamicFinance.de

AHAB outlines a comprehensive settlement proposal to a group of banks and financial institutions with claims against the company. These asserted by banks, total billions of dollars, arise out of liabilities incurred through a massive fraud perpetrated by Maan Al Sanea in his time a head of the Money Exchange division of AHAB. The liabilities have so far spawned more than 70 lawsuits in at least 10 countries over the past five years.

Saudi-based Ahmad Hamad Algosaibi & Bros Co (AHAB) said it was about to start talks with creditors, after a newspaper reported it and Saad Group are seeking to restructure USD 10 bn in debt.