Awal cancels contracts of 28 employees.Byline: Manama Awal Bank has paid off 28 of its 54 employees just a week after The International Banking Corporation (TIBC TIBC Total iron-binding capacity Lab medicine A quantitative measurement of transferrin's ability to transport iron; normally, ±33% of transferrin's binding sites–BS are occupied by iron; in iron deficiency, pregnancy and viral hepatitis, 15% of ) cut its workforce by 21 people to just 20 members of staff. Both banks were put into administration by the Central Bank of Bahrain The Central Bank of Bahrain was established in 1973 as the Bahrain Monetary Agency, shortly after Bahrain gained its independence from the United Kingdom. As per Decree No. at the end of last month. 'I can confirm that earlier today 28 of the bank's employees were given notice of the cancellation of their employment,' said a spokesman for the external administrators Bahrain and London-based law firm Charles Russell Charles Russell may refer to:
'It is very unfortunate that we have had to take these steps but the bank has not been trading since June 2 after the bank began to default on obligations in late May and the roles of many of the staff have become redundant. 'The external administrators have attended meetings with the Labour Ministry to explain the situation fully and we have explained in detail the nature of the financial package being offered to the leaving employees according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the terms of Bahraini labour law.' Charles Russell recently appointed UK restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). agents Baker Tilly to assist it in the administration process at the bank which had a book vale of $5 billion. Both Awal and TIBC ran into trouble because of their exposure to the Saudi Saad Group The Saad Group (Arabic: مجموعة سعد), formed in 1980, is a Saudi Arabian based privately owned conglomerate with operations in construction & engineering, real estate development, tourism, medical services, financial services, and Ahmad Hamad Algosaibi & Brothers.- TradeArabia News Service Copyright 2008 www.tradearabia.com Copyright 2009 Al Hilal Publishing & Marketing Group Provided by Syndigate.info an Albawaba.com company |
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