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Saad Co. Liquidators Blocked From Amending Claim In Appeal

Law360, London (March 14, 2019, 10:04 PM GMT) -- A London appeals court ruled Thursday that the liquidators for Saudi billionaire Maan Al Sanea’s collapsed family investment company cannot amend their claim against Samba Financial Group over the transfer of $318 million in shares, concluding that the action should be dismissed because the new allegations were not in issue in the original suit.

The Court of Appeal has overturned a lower court’s decision to allow the liquidators of Saad Investments Co. Ltd. to amend their 2013 claim against Samba Financial Group. Judge Colin Birss of the High Court had allowed them to allege that the bank’s acceptance of Al Sanea’s...

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