Saudi Co. Liable For $668M In Back Rent Tied To Sukuk Bond

Law360, London (November 13, 2017, 6:44 PM GMT) -- A Saudi Arabian financial services company has been ordered to pay around $668 million to Citicorp Trustee Company Ltd. and Golden Belt Sukuk Company BSC over obligations owed under Islamic financing transactions, known as sukuk, linked to the leasing of land in Saudi Arabia.

In a summary judgment handed down Friday in London's High Court, Judge Peter Macdonald Eggers QC said Saad Trading, Contracting and Financial Services Company is liable for sums owed to Citicorp and Golden Belt after it and other defendants failed to file a defense to the claims.

“The defendants have shown no signs of any interest in actively...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Related Sections

Law Firms

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!