HSBC has won a court order freezing the British and some foreign assets of the ailing Al Gosaibi business empire in Saudi Arabia.
The assets consist mainly of property in London and shares in companies in the Virgin Islands, Channel Islands and Liberia.
HSBC is one of five banks that won a court case in London last month against Ahmad Hamad Algosaibi and Brothers, requiring it to repay some US$250 million (Dh918m) owed to banks.
Al Gosaibi lawyers told the London court it was unlikely the family would be able to repay the debt.
The new order, granted in the London High Court by Justice Julian Flaux last Thursday, names 20 members of the partnership and tells them they "must not in any way dispose of, deal with or diminish the value of any of their assets" as listed in the order.
Anyone disobeying the order "may be held in contempt of court, and may be imprisoned, fined or have … assets seized", the order adds.
The order will be lifted if the parties named pay a cash surety of about $95m to the court or agree some other security with the bank.
The document names five properties in the Mayfair area of London's West End.
It also identifies four private companies in which Al Gosaibi family members have shares: Foulkes Investments and Perowne International of the British Virgin Islands; Celendine, a company registered in the Channel Islands; and Allvest Properties, registered in Liberia.
The move is another squeeze on the family's assets outside Saudi Arabia. Recently, legal and accounting advisers to the family secured "charges" against the London properties, meaning they could not be sold without the advisers' permission.
The Al Gosaibis have for the past two years been involved in a bitter legal dispute with Maan Al Sanea, a Kuwaiti-born entrepreneur who married into the family.
The Al Gosaibis allege that Mr Al Sanea stole billions of dollars from them, a charge he has consistently denied. The Al Gosaibi and Al Sanea businesses owe as much as $20 billion to more than 100 banks.
The Al Gosaibi family is in the process of preparing a schedule of its assets for the London court, to be used as the basis for a possible negotiated settlement with creditors. Most of their assets, perhaps as much as 85 per cent, according to insiders, are in Saudi Arabia.
Al Gosaibi lawyers have told the London court that its order for the repayment of $250m is not enforceable in the kingdom.
fkane@thenational.ae
Company%20profile
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TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
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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
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Trippier bio
Date of birth September 19, 1990
Place of birth Bury, United Kingdom
Age 26
Height 1.74 metres
Nationality England
Position Right-back
Foot Right
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
STAR%20WARS%20JEDI%3A%20SURVIVOR
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The National in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
The biog
Favourite book: You Are the Placebo – Making your mind matter, by Dr Joe Dispenza
Hobby: Running and watching Welsh rugby
Travel destination: Cyprus in the summer
Life goals: To be an aspirational and passionate University educator, enjoy life, be healthy and be the best dad possible.
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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Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
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
COMPANY%20PROFILE
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Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
FROM%20THE%20ASHES
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
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CHATGPT%20ENTERPRISE%20FEATURES
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