RIYADH: Saudi businessman Maan Al-Sanea’s troubled Saad Group yesterday denied that its Kuwait assets had been frozen and said it is moving forward on restructuring its finances.
“Reports emerging yesterday regarding a freeze of assets and accounts in Kuwait are untrue,” the company said.
Kuwaiti newspaper Al-Rai on Sunday cited unnamed banking sources as saying the Central Bank of Kuwait had ordered a freeze on dealings with two major Saudi conglomerates — Saad and the similarly troubled Algosaibi group which it said together owe Kuwaiti banks more than $750 million.
The central bank has so far refused to confirm or deny its reported action.
Al-Rai made no mention of any freeze on Saad’s Group’s own assets. The Saad Group criticized the reports as “damaging speculation and unfounded rumors,” adding that the group will soon reveal its restructuring proposal and name a representative for creditors.
The Saudi central bank last week ordered banks to freeze accounts of Sanea and his family, one of the Kingdom’s wealthiest and most powerful, with interests in finance and construction.