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U.K. Bankers Urge Government Action on Saudi Companies, FT Says

By John Simpson

Nov. 24 (Bloomberg) -- The British Bankers’ Association has asked the U.K. government to express concern to the government of Saudi Arabia about money owed to international banks by two Saudi companies, Saad Group and Ahmad Hamad Algosaibi & Brothers Co., the Financial Times reported, citing a letter to U.K. Trade Minister Mervyn Davies.

Several banks have taken legal action in an effort to recoup money owed by the two companies, the total debt of which is estimated to be about $20 billion, the newspaper said.

Last Updated: November 24, 2009 16:44 EST