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...

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