The Cayman Islands-registered Saad Investments Company Limited (SICL), which held 44% of Petra Diamonds as of September 30 2008 according to their website and is one of the main Saad Group companies, has been named as a defendant as part of a US$9.2 billion assets freeze by a Cayman Islands court, reports Reuters.
Reuters explains that bank creditors of SICL have also filed a petition to the same court seeking immediate repayment by the company of a more than $2.8 billion loan and accrued interest.
“The assets freeze ruling by the Grand Court of the Cayman Islands followed a complaint filed by Ahmad Hamad Algosaibi and Brothers Company (AHAB), which is locked in a legal tussle in the United States with Maan al-Sanea, the billionaire owner of Saad Group. The two heavily indebted family-owned conglomerates are both in restructuring talks with their creditors, negotiations complicated by court cases filed by different parties. The Saad Group said the Cayman Islands court assets freeze ruling was part of a “baseless” campaign against it by AHAB,” notes Reuters.
See: http://www.reuters.com/article/businessNews/idUSTRE56U6FG20090731
