The Saudi Arabian government has urged local creditors to the troubled Al Gosaibi family to enter claims against the family or be ruled out of any settlement process.
On the orders of a special tribunal in the Al Gosaibi’s headquarters of Al Khobar, Ahmed Hamed Al Gosaibi and Brothers (Ahab), the partnership that runs the family conglomerate, placed advertisements in Saudi papers asking potential claimants to come forward.
The wording of the ads makes it clear that, unless Saudi banks – owed about US$2 billion by the family – agree to be part of the process, any further claim will not be considered. “Please note that the distribution of creditor funds will be limited only to the applications made in accordance with [Saudi legislation governing enforcement of legal decisions],” said the ads in three newspapers.
It is a significant development in the seven years of battle between the Al Gosaibis and Maan Al Sanea, the estranged member of the family who is also facing multibillion-dollar creditor claims in the kingdom.
Ahab has reached a deal with most of its international creditors – owed about $4bn – but Saudi banks have resisted pressure to join that settlement, relying instead on legal action in the country to seize Ahab assets.
The establishment of the Al Khobar tribunal, revealed in The National last month, is regarded as a sign that the Saudi authorities are at last tiring of the damaging dispute, which they fear could put further pressure on their credit ratings in international debt markets.
Simon Charlton, the acting chief executive of Ahab in charge of its restructuring, said the appointment of the tribunal was a “positive step forward” in the long-running dispute.
“Ahab has begun the process of acknowledging debts against it for the limited purposes of the settlement, which we believe will allow us to move forward with increased momentum,” he said.
Ahab has agreed with claimants to repay 25 cents for each dollar of debt, backed by assets, rising to a possible 50 cents on recovery of assets in actions against Mr Al Sanea.
In 2009, the Al Gosaibis accused him of fraud, forgery and theft after the collapse of their businesses, charges Mr Al Sanea has consistently denied and fought in law courts around the world.
Mr Charlton revealed that claimants representing 80 per cent of the total by number and 50 per cent by value had accepted their terms.
Next month, a legal action will begin in the Cayman Islands to recover billions of dollars held there by the liquidators of Mr Al Sanea’s companies. “Ahab already has a judgment against him personally for $2.5bn,” Mr Charlton said.
There was no comment from any person connected to Mr Al Sanea.
fkane@thenational.ae
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
UAE currency: the story behind the money in your pockets
The%20specs
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At a glance
Fixtures All matches start at 9.30am, at ICC Academy, Dubai. Admission is free
Thursday UAE v Ireland; Saturday UAE v Ireland; Jan 21 UAE v Scotland; Jan 23 UAE v Scotland
UAE squad Rohan Mustafa (c), Ashfaq Ahmed, Ghulam Shabber, Rameez Shahzad, Mohammed Boota, Mohammed Usman, Adnan Mufti, Shaiman Anwar, Ahmed Raza, Imran Haider, Qadeer Ahmed, Mohammed Naveed, Amir Hayat, Zahoor Khan
If you go
Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.
Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com
A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
COMPANY PROFILE
Company name: BorrowMe (BorrowMe.com)
Date started: August 2021
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Sector: E-commerce / Marketplace
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Initial investment: $200,000
Investors: Amr Manaa (director, PwC Middle East)
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In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
