Their recent strong performance shows that Saudi banks have largely shrugged off the financial effects of the biggest corporate meltdown in the country's history, the Al Gosaibi-Saad Group affair.
But with billions of dollars worth of loans still unpaid and animosity between the two apparently unresolvable, the repercussions of the 2009 scandal continue to resonate in the country's financial community and in courtrooms across three continents.
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Negotiations in the kingdom are proceeding slowly between the family partnership Ahmad Hamad Al Gosaibi and Brothers (Ahab) and a group of nine Saudi banks that have claimed at least US$2.4 billion (Dh8.81bn) in unpaid loans to the holding company, which was one of the country's oldest and most respected business dynasties.
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Read more: http://www.thenational.ae/thenationalconversation/industry-insights/finance/al-gosaibi-saad-dispute-drags-on-in-saudi-arabia#ixzz2K051ngCm
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