Abu Dhabi Commercial Bank (ADCB) claimed in a UK court yesterday that it was owed about US$32 million (Dh117.5m) by the Saad Group, a troubled Saudi conglomerate.
ADCB told a judge in London that Saad Trading, Contracting and Financial Services, a division of the Saad Group, defaulted on a currency swap worth $32m last summer, according to a Bloomberg report.
The bank's lawyer said Saad's defence - that the bank did not alert it on time about the termination of the agreement - was a tactic "designed only to delay judgment day against it", Bloomberg reported.
A representative for the Saad Group in London and ADCB representatives in Abu Dhabi could not be reached for comment.
The case in London is one of many filed in jurisdictions around the world against the Saad Group and its owner, Maan al Sanea, over defaults on financial obligations. The Saad Group and a second Saudi conglomerate, Ahmad Hamad Al Gosaibi and Brothers, began to default on loans, bonds and derivatives last summer, sending shockwaves through the region's banking system. The conglomerates are estimated to owe more than $10 billion to regional banks, leading to massive write-downs and lower profits for lenders.
In addition to the cases in London, the Saad and Al Gosaibi groups are involved in litigation in New York, Bahrain, the Cayman Islands and the UAE.
In one of the more prominent cases, Dubai's Mashreqbank sued the Al Gosaibi group last year in New York over failed currency swaps. Al Gosaibi countered the charges by claiming its defaults resulted from an alleged $10bn fraud perpetrated against it by Mr al Sanea. Mr al Sanea has denied those allegations. The case is ongoing and hearings are scheduled for this week.
Abu Dhabi Islamic Bank (ADIB) was also sued last year in New York by the Dutch lender Fortis Bank. Fortis, which merged this year with ABN Amro, argued that ADIB failed to honour its obligations in a trade finance deal worth $40m. ADIB said it was questioning the authenticity of documents in the transaction, which involved the Al Gosaibi group and Awal Bank, a Bahraini banking subsidiary of the Saad Group that has since been put under administration by Bahrain's central bank.
afitch@thenational.ae
Army of the Dead
Director: Zack Snyder
Stars: Dave Bautista, Ella Purnell, Omari Hardwick, Ana de la Reguera
Three stars
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
ADCC AFC Women’s Champions League Group A fixtures
October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
COMPANY%20PROFILE
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
FORSPOKEN
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Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
Dubai World Cup Carnival card:
6.30pm: Handicap (Turf) | US$175,000 | 2,410 metres
7.05pm: UAE 1000 Guineas Trial Conditions (Dirt) | $100,000 | 1,400m
7.40pm: Handicap (T) | $145,000 | 1,000m
8.15pm: Dubawi Stakes Group 3 (D) | $200,000 | 1,200m
8.50pm: Singspiel Stakes Group 3 (T) | $200,000 | 1,800m
9.25pm: Handicap (T) | $175,000 | 1,400m
COMPANY%20PROFILE%20
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SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
Brief scores:
Toss: India, opted to field
Australia 158-4 (17 ov)
Maxwell 46, Lynn 37; Kuldeep 2-24
India 169-7 (17 ov)
Dhawan 76, Karthik 30; Zampa 2-22
Result: Australia won by 4 runs by D/L method
RESULT
Uruguay 3 Russia 0
Uruguay: Suárez (10'), Cheryshev (23' og), Cavani (90')
Russia: Smolnikov (Red card: 36')
Man of the match: Diego Godin (Uruguay)
Specs%3A%202024%20McLaren%20Artura%20Spider
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Zayed Sustainability Prize
History's medical milestones
1799 - First small pox vaccine administered
1846 - First public demonstration of anaesthesia in surgery
1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases
1895 - Discovery of x-rays
1923 - Heart valve surgery performed successfully for first time
1928 - Alexander Fleming discovers penicillin
1953 - Structure of DNA discovered
1952 - First organ transplant - a kidney - takes place
1954 - Clinical trials of birth control pill
1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.
1998 - The first adult live-donor liver transplant is carried out
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
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