Financial and Banking News
Galadari Creditors Sue
Local banks in Dubai which are owed money by A.R.E. Galadari Brothers (AREG) have finally filed suit after months of fruitless negotiations. There are a total of l9 local and international bank creditors with claims exceeding Dh1bn ($272mn), and one of the major problems of the rescheduling attempt has been the failure of the creditors to act in concert. Three small foreign branches - Standard Chartered Bank,...