Multinationals Rothschild and Moelis have been shortlisted to advise on restructuring about $15 billion of debt at Saudi Arabia’s biggest construction firm, Saudi Binladin Group.
A man walks near the construction site in Jeddah, Saudi Arabia © Reuters / Susan Baaghil
According to Bloomberg, citing its sources, the investment banks made bids last month for what would be one of the Middle East’s biggest debt revamps. People familiar with the matter said Ken Moelis, the founder and CEO of Moelis, travelled to the kingdom to lead the process.
The sources added that Goldman Sachs Group had also bid to work in an advisory role, but had not been shortlisted to work on the restructuring project. No final decisions have been made, the sources said.
The Saudi Binladin Group, one of the largest construction companies in the world, which was behind some of Saudi Arabia’s biggest projects, is restructuring debt after the kingdom delayed payments to contractors. The company was badly hit by the downturn in the building sector in recent years due to falling oil prices.
The government took about a 37-percent stake in the firm from the Bin Ladin family to “settle outstanding dues” after Bakr Bin Laden, the half-brother of Al-Qaeda founder Osama Bin Laden, was swept up in a so-called corruption crackdown two years ago.
The contractor’s financial struggles were aggravated by the unfortunate events of September 2015, when a crane collapsed onto Makkah’s Masjid Al-Haram.
The firm was found to be “part responsible” for the accident, and Saudi Arabia’s Royal Court suspended it from taking on new contracts.
Snif the money trail and you surely will find dirt on everybody's hands... So the brother of Osama Bin Laden was a director of this huge company... Let's play a game and find out how many high rank US officials have business with the Bin Laden family
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Back in the 1980s I discovered that George HW Bush and Osama were both investors in Red Star Tranche, a private equity firm. It is also fact that Osama's mother and George W. Bush's were watching 9/11 live on TV together from an undisclosed location, as reported at the time. Funny how birds of a feather flock together, eh?
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I know for certain that if we get to know all the hidden and dark secrets the US government has... Most likely the men behind those terrible deed would not find a single second of peace in this lifetime.
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This is why good people investigate bad people: to stop them from doing bad things, so that good people can live in peace.
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How unexpected that the Rothschilds would be funding the business of the claimed perpetrator of 9/11.
I'm shocked. Shocked I tell you!
Thanks!
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