Financial Regulatory Forum

Cayman court freezes $9.2 bln of Saad assets

July 31, 2009

By Tom Freke and Souhail Karam

LONDON/RIYADH, July 31 (Reuters) – A Cayman Islands court has frozen $9.2 billion of assets belonging to Saad Group, the Saudi Arabian investment firm at the centre of a financial storm, including some of its equity stakes outside the Gulf.

EXCLUSIVE – UAE central bank tells lenders to raise provisions over Saad, Algosaibi

July 23, 2009

By Stanley Carvalho
ABU DHABI, July 23 (Reuters) – The United Arab Emirates central bank has directed banks to take provisions over a two-year period of up to 75 percent of their exposure to a pair of troubled Saudi firms, bankers told Reuters on Thursday. (more…)