What is the RBI money

RBI could receive money from major Saudi bankruptcies

More than a decade after the collapse of two corporations, a Saudi court has accepted the claims of the creditors. For RBI, it's about $ 175 million.

After the collapse of the two Saudi groups Saad Group and Algosaibi & Brothers Co in 2009, creditors could now get their money back, according to a report by financial news agency Bloomberg. More than 100 banks were affected at the time - including Raiffeisen Bank International (RBI), hedge funds and other creditors.

More than a decade after the collapse of the two groups, a Saudi court accepted the claims of the creditors last month, the agency wrote. It is a milestone for the largest and longest running bankruptcy proceedings in the Middle East to date.

According to Bloomberg, RBI is concerned with claims amounting to 175 million US dollars (currently 157.3 million euros). The RBI did not comment on the report when asked by the APA.

Relatively, the amount requested by the RBI is a moderate amount - the two creditors BNP Paribas and Citigroup, for example, have claims of 750 million and 270 million dollars respectively against the two Saudi companies. Deutsche Bank has asserted $ 170 million, the report said.

At the construction company Anglosaibi around 9 billion dollars in debt are outstanding, and at the conglomerate Saad Group around 7 billion dollars, according to Bloomberg.

(APA)