Saudi billionaire Maan al-Sanea's troubled Saad group denied on Monday 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 dollars. The central bank has so far refused to confirm or deny its reported action.
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