Saad Group Must Pay Abu Dhabi $33.1 Million, London Judge Rules
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Saad Group, the business owned by Saudi billionaire Maan al-Sanea, was ordered by a U.K. judge to pay $33.1 million to Abu Dhabi Commercial Bank PJSC for defaulting on a foreign-currency swap agreement.
Saad Trading Contracting and Financial Services Co.’s defenses that Abu Dhabi didn’t terminate the swap agreement on time or specify a bank account for payment were “hopeless,” Judge Michael Brindle ruled today in the High Court in London.