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     912  0 Kommentare Progress in Algosaibi Settlement


    - Appointment of Joint Directorate of Enforcement at the General Court in Al-Khobar

    - Acknowledgement of Claims by Algosaibi for the purposes of Settlement 

    AL KHOBAR, Saudi Arabia, May 22, 2016 /PRNewswire/ -- On 21 March 2016 the Supreme Judicial Council in Saudi Arabia issued an order establishing a three-judge Tribunal called the Joint Directorate of Enforcement at the General Court in Al-Khobar ("JDEK"). The JDEK comprises the two enforcement judges and the head of the General Court in Al-Khobar.

    AHAB believes that the JDEK has the authority to address in full the claims of financial institutions against Ahmad Hamad Algosaibi & Brothers ("AHAB" or the "Company") and Maan Al Sanea.

    AHAB announced today that it has recently written to a large number of financial institutions with claims against it ("Claimants") to confirm the amounts that AHAB is willing to acknowledge for the purposes of the settlement process it initiated in May 2014. AHAB and the five-member steering committee presented the detailed terms of an agreement to settle the claims of Claimants on 28 January 2016. Since the presentation, a majority of Claimants have responded to AHAB's invitation to agree the value of their claims. During the past weeks, Claimants representing 80% of the claims by number and 50% by value have received, or are in the process of receiving, letters from the Company acknowledging claim values. This process is on-going and the Company invites those Claimants that have not yet engaged in the claims agreement process to submit the relevant documentation to it as soon as possible.

    Speaking in Dubai, UAE today, Simon Charlton (acting Chief Executive Officer and Chief Restructuring Officer of the Company) said: "The Company views the appointment of the tribunal as a positive step forward that it believes will bring an end to the long-running disputes that resulted from the failure of Mr Al Sanea's businesses in 2009. For the first time in seven years, the Company has begun the process of acknowledging debts against it for the limited purposes of the Settlement which we believe will allow us to move forward with increased momentum."

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    Progress in Algosaibi Settlement - Appointment of Joint Directorate of Enforcement at the General Court in Al-Khobar - Acknowledgement of Claims by Algosaibi for the purposes of Settlement  AL KHOBAR, Saudi Arabia, May 22, 2016 /PRNewswire/ - On 21 March 2016 the Supreme …