Liquidators Press Saudi Bank For Siphoned Shares At Trial

Law360, London (October 7, 2020, 7:32 PM BST) -- The moment a Saudi Arabian lender received shares in several banks from "a thoroughly dishonest" businessman, the securities became held on trust for his former company, a lawyer for liquidators told a London judge as a $318 million trial opened Wednesday.

Stephen Smith QC of Erskine Chambers, counsel for liquidators of Saad Investments Co. Ltd., said the defunct company's shares in five lenders became trust property held by Samba Financial Group as soon as the shares were registered in Saudi Arabia in 2009.

The arguments mark the beginning of a trial where liquidators of Saad Investments are trying to recover assets...

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