Zamakhchary & Co. (Z&Co.), representing partners of Grant Thornton as the appointed liquidators for Saad Investments Company Limited (SICL) and Singularis Holdings Limited (Singularis), is honoured to announce a momentous success in achieving the registration of SICL and Singularis as approved creditors in the combined sum of over SAR9 billion (USD2.4 billion) in the liquidation process of Maan AlSanea in the Saudi Commercial Courts.

The liquidation process has been a testament to the robustness of the Saudi Arabian Insolvency Law, which came into force in 2018 and provided a turning point for creditors in their actions against Maan AlSanea, the indebted Saudi Arabian billionaire owner of Saad Group, which defaulted in 2009 on billions of dollars of debt.

"We are thrilled to have achieved such outstanding results for international creditors in the Saudi courts," stated Monaji Zamakhchary, Chairman of Z&Co. "This success reflects the efficacy of the Saudi Arabian Commercial Courts, which have been recently empowered with a string of legislation, including the Insolvency Law in 2018 and the Commercial Courts Law in 2020, as part of Vision 2030 reforms”.

Grant Thornton partners have acted as liquidator to SICL and Singularis for 14 years, and have worked closely with Z&Co. to achieve this result. “We are delighted with the successful registration of our claims of over USD2.4 billion” stated Mark Byers, one of the court appointed liquidators for SICL and Singularis.  “This is a significant milestone in recovering assets for the creditors of SICL and Singularis and ensuring equitable distribution”.

This milestone not only signifies a significant victory for the creditors represented by Z&Co. and Grant Thornton but also underscores Saudi Arabia's commitment to fostering a robust business ecosystem that protects the interests of all stakeholders.

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About Z&Co.:

Z&Co. is a leading Saudi Arabian law firm with expertise across the full remit of commercial advisory services, including commercial litigation and insolvency, corporate and commercial advisory, transactions and public policy & regulatory. With a team of seasoned professionals and a commitment to excellence, Z&Co. has consistently delivered exceptional results for clients across various sectors.

About Grant Thornton:

Grant Thornton is one of the world's largest networks of independent accounting and consulting member firms which provides assurance, tax and advisory services to privately held businesses, public interest entities, and public sector entities. With a presence in over 130 countries, Grant Thornton brings unparalleled expertise and insights to assist clients in navigating complex business challenges.