Bank Sanctioned For Disclosure Failings In $318M Share Row
Law360, London (April 8, 2020, 7:06 PM BST) -- A London judge on Wednesday barred Saudi Arabian bank Samba Financial Group from defending certain issues at trial in litigation over $318 million worth of shares, calling it a "severe but proportionate punishment" for its failure to produce key documents.
In his written ruling, Judge Timothy Fancourt said the bank had "deliberately" and seriously breached the court's order for disclosure of internal communications and records related to the High Court claim.
The bank is being sued by liquidators of Saudi billionaire Maan Al-Sanea's collapsed investment firm Saad Investments Co. Ltd., who are trying to chase down millions of dollars of securities...
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