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Saad Co. Liquidators Continue Pursuit Over Saudi Securities

Law360, London (December 13, 2018, 7:31 PM GMT) -- Liquidators of Saudi billionaire Maan Al-Sanea’s collapsed investment company have filed fresh court documents in their long-running hunt for hundreds of millions of dollars of securities Al-Sanea transferred to Saudi Arabian bank Samba Financial Group in 2009.

Samba should have realized the securities were held by Al-Sanea and been “profoundly suspicious” about the September 2009 transaction involving his insolvent Saad Investments Co. Ltd., or SICL, the liquidators said in the latest version of the suit filed with the court on Nov. 30.

“Samba became accountable to SICL as a constructive trustee of the disputed securities, and remains so,” the firm’s liquidators...

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