Algosaibi Family Ordered by U.K. Court to Show Saudi Assets
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Saudi Arabia’s Algosaibi family and their company, which defaulted in 2009, were ordered by a U.K. judge to disclose their assets after admitting liability in a $250 million lawsuit by HSBC Holdings Plc and four other banks.
Ahmad Hamad Algosaibi & Brothers Co. and more than a dozen “wealthy” family members must provide lists of all assets worth $50,000 or more by Aug. 4, including property in Saudi Arabia, Justice Julian Flaux ruled today in the High Court in London.