European Islamic Investment Bank Plc (EIIB) is seeking payment of its $78 million claim against Saudi investment firm Ahmad Hamad Algosaibi & Brothers Co. without a trial.
EIIB, which filed its claim on behalf of a group of other banks, sought the ruling from a London judge after Algosaibi admitted June 15 liability in another case where HSBC Holdings Plc (HSBA) and four other banks are seeking $250 million from the company. Algosaibi, which has defaulted on its debt, said there isn’t enough money to go around. (source)
