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  • 04-10-21

    Saudi court issues final order on restructuring of Saudi (AHAB)

    (MENAFN) A final order was issued by a court in Saudi Arabia on the restructuring of the Saudi corporation Ahmad Hamad Algosaibi and Brothers (AHAB) ending the largest family debt case in the history of Saudi Arabia.

    An executive board member, Samah Algosaibi, was quoted as saying that the conglomerate is going to get the final orders moved to the online judicial systems (Najiz portal) so that restrictions on the group’s assets are removed and “terms of the proposal can be fulfilled.”

    She further declared that the ruling is considered the first of its kind since the launching of the new bankruptcy laws, adding it would not be easy to expect the timeframe for the implementation of the procedures.

    "Through our efforts in recovering assets, we have managed to build up a significant cash balance that can be distributed almost immediately once restrictions are lifted,” Algosaibi stated.

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