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     713  0 Kommentare Algosaibi Groups Signs Settlement Agreement with Claimant Steering Committee

    Largest Trial in History of the Cayman Islands Begins in AHAB Case Against Al Sanea Liquidators

    AL KHOBAR, Saudi Arabia, July 24, 2016 /PRNewswire/ -- Coinciding events in the last week represent an historic milestone in the efforts of Ahmad Hamad Algosaibi & Brothers ("AHAB" or "The Company") to resolve the largest and most complex financial dispute in the history of the Middle East.

    Historic Settlement Agreement

    AHAB has long sought a comprehensive settlement with all financial institutions that have claims against it ("Claimants"). In May 2014 the Company initiated a comprehensive settlement process and invited all Claimants – local and foreign – to participate. A five-member Steering Committee was formed to negotiate with AHAB, and the parties agreed detailed settlement terms, which were presented to the wider Claimant group at a meeting on 28 January 2016.

    As a further important step in formalizing this deal, AHAB has signed today a settlement support agreement with the five Steering Committee members. This agreement formally commits AHAB and the Steering Committee members to support the implementation of the previously agreed settlement terms.

    The next step in the process is for other Claimants to sign the Settlement Support Agreement. To date, AHAB has agreed with other Claimants (representing 89.9% by number and 56.3% by value) the amount of their claims and consented to their enforceability against AHAB as part of the settlement process. Claimants will be asked to sign the Settlement Support Agreement as soon as possible over the coming weeks.

    The process for resolving claims against AHAB was accelerated recently with the appointment of a three-judge Joint Directorate of Enforcement at the General Court in Al Khobar, Saudi Arabia ("JDEK"), which is authorized to address claims against AHAB. The JDEK has publicly invited Claimants to submit their claims against AHAB by 21st July. In a further attempt to assist Claimants, AHAB has recently requested an extension of this deadline.

    AHAB intends, jointly with Claimants, to request that the JDEK implements and administers the agreed settlement. AHAB remains firmly of the view that the comprehensive settlement that has been agreed is in the best interests of all stakeholders. A lot of effort has gone into negotiating the deal and it is designed to incentivize AHAB to maximize returns to Claimants. It would also result in fair treatment of all claims in accordance with Shariah principles of equality and respect for the will of the majority. In addition, the settlement protects livelihoods of employees, eases administrative burdens and costs to the court and parties, and preserves the economy of the Eastern Province and the reputation of the Kingdom of Saudi Arabia in international markets.

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    Algosaibi Groups Signs Settlement Agreement with Claimant Steering Committee Largest Trial in History of the Cayman Islands Begins in AHAB Case Against Al Sanea Liquidators AL KHOBAR, Saudi Arabia, July 24, 2016 /PRNewswire/ - Coinciding events in the last week represent an historic milestone in the efforts of Ahmad Hamad …