The resolution creating the Committee of Trustees Sukuk "Citicorp Trustee Company Ltd, and" other. "
The document, according to the law firm Mayer Brown International LLP, was sent to a large number of banks and fund managers, but it is unclear whether all these bonds.
Islamic bonds to investors in the Gold Volume 1 Sukuk previously at two meetings in the office of the London law firm Norton Rose on the Sukuk, or Islamic bonds, a source with the situation told Reuters.
It is common practice for owners to establish a committee to protect their positions prior to maturity.
Saad was not for their beliefs. Both Norton Rose and Citigroup declined comment.
The heads of banks, and are dealing with the case of debt restructuring in the group and the second conglomerate Saad Ahmad Hamad Algosaibi and brothers (Ahab), the biggest blow yet in the Persian Gulf region since the beginning of the financial crisis.
Many Gulf Arab banks, that the potential collapse of the cancellation of loans to groups, and HSBC estimate credit exposure of banks in Saudi only $ 4 - $ 7 million.
Saad Sukuk "is 2012, the payment of vouchers twice a year. The rate in May 2009 has already been paid, but it is not clear whether the test is in November, as scheduled, said a second source.
President of "little contact" with the help of a group of Saad lawyer, Lawrence Graham, and received no further information on these issues, after a briefing about the first meeting at Reuters. The briefing was a delegate to attend the meeting.
Yield Sukuk "increased by almost 27 percent of the approximately 12 per cent within ten days of March, to this level in more than 70 per cent in mid-June after the Thomson Reuters data, as investors fear default.
Some of these banks and fund managers in the resolution - with headquarters in London, the Islamic Bank Islamic Investment Bank (EIIB), German cooperative bank DZ Bank, Goldman Sachs, BlackRock Inc., Cimber, Mashreq Bank and Dubai Bank, UAE - no comments .
None of the other banks responded to the request for comments. These include the Arabic-Bank-Bank Group in Malaysia, Malaysia (AMBG), manager of assets and Finisterre Capital Bank of Montreal (BOM) and the National Bank of Abu Dhabi, Abu Dhabi Islamic Bank (Adib), Arab Banking Corporation and Credit Agricole Asset Management Saudi Fransi.