DUBAI, United Arab Emirates, Jan. 28, 2016 /PRNewswire/ -- Today, Ahmad Hamad Algosaibi & Brothers ("AHAB" or the "Company") and the Steering Committee presented the detailed terms of an agreement to settle the claims of financial institutions (the "Claimants") against AHAB. AHAB also described the pathway to implementation.
AHAB has invited Claimants to enter into a process to agree the amounts of their claims so that these may be presented to the judicial authorities in Saudi Arabia together with the settlement agreement. This will allow all parties to enter into a comprehensive settlement. Speaking in Dubai today, Hamad Algosaibi, son of the Chairman of AHAB, said, "At all times throughout this process, AHAB and its partners have remained fully committed to complying with all Royal Orders and to the fair and equal treatment of all Claimants. Today is an important milestone in the final resolution of this longstanding matter and AHAB looks forward to continuing to work with the authorities in Saudi Arabia and the Claimants to implement the settlement."
In connection with the comprehensive settlement, claims against AHAB will need to be presented to the appropriate judicial authorities in Saudi Arabia. Simon Charlton, acting Chief Executive Officer and Chief Restructuring Officer of AHAB, said, "We have now invited Claimants to commence the process that will lead to the presentation of agreed claims to the judicial authorities in Saudi Arabia. We believe that this is critical to the efficient and successful implementation of the settlement."
AHAB initiated settlement negotiations in May 2014 in order to open a productive dialogue with all Claimants and to end five years of deadlocked litigation. 93 of 113 identified claimants are now formally engaged in the process and AHAB invites all Claimants not currently engaged to join the settlement process.
"We have long sought a comprehensive settlement with all Claimants and, after an exhaustive negotiation process with the Steering Committee, we are now into the implementation phase," said Mr. Charlton. "I am confident this deal is the best possible solution for all parties and it is the only path forward that will result in the best returns for all Claimants. I also believe this deal represents the best path to recovery for the family and its businesses, to the benefit of the Eastern Province and the Kingdom of Saudi Arabia."
SOURCE Ahmad Hamad Algosaibi and Brothers (AHAB)