Billionaire's Warring Firms Get Deadline In Asset Fight

Law360, London (May 31, 2019, 12:40 PM BST) -- A failed Bahraini lender has a week to explain why it is the true owner of tens of millions of dollars in assets held by a sister firm within a Saudi billionaire's family investment group, which has also collapsed, before the legal fight is paused for settlement talks, a London judge has ruled.

Karen Shuman, a master at the High Court, has given Bahrain-based Awal Bank BSC until June 7 to file new documents explaining why a judge should rule that it rather than the sister company, Saad Investments Co. Ltd., is the owner of assets.

The dispute between the two defunct...

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