Riyadh – Mubasher: Saudi Arabia is holding discussions to solve a problem about debts which amounted to $22 billion, said on Thursday three informed sources.
Debts resulted from collapse of Saad Group and Ahmad Hamad al-Gosaibi & Bros Co (AHAB) since 2009.
AHAB tried to reach settlement offer with authorities to support of about two-thirds of investors.
“There has been much less movement over Saad Group’s debts,” according to Reuters.
In October, Saudi authorities detained Saad Group’s owner Maan al-Sanea on the back of his unpaid debts.
Saad Group hired Reemas Group, the financial consultancy to cover $4 billion debt.
The two Saudi firms must pay their debts to more than global 100 banks including HSBC, BNP Paribas and Citigroup.
“Saad Group is also in debt to contractors including Germany’s Siemens AG and thousands of staff,” Reuters concluded.
