Saudi lenders turn down Algosaibi invite for meeting

April 13, 2014 1:06 am

A group of Saudi banks has rejected an invitation from Ahmad Hamad Algosaibi and Brothers Co to attend a meeting next month to discuss their claims on $5.9bn of debt, Bloomberg has reported. “The banks have no interest in attending the meeting proposed,” said a letter to Algosaibi from a law firm representing the unnamed Saudi lenders. The letter, dated April 3, didn’t give a reason why the banks don’t want to attend.