Bahrain : Algosaibi s TIBC owes $2 bln to banks.Byline: babalu03 Bahrain-based 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 ), owned by troubled Algosaibi Group, owes $2.07 billion to banks, and it is unclear if its assets can be recovered to pay creditors, a well-placed source said. TIBC, owned by Saudi group Ahmad Hamad Algosaibi & Bros BROS Brothers BROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) (AHAB), is part of a wrangle between AHAB and 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, SAADG.UL , involving a debt pile estimated at $22 billion and that has shocked the Middle Eastern banking community. 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. (CBB CBB Celebrity Big Brother CBB College van Beroep voor het Bedrijfsleven (Dutch) CBB Cattlemen's Beef Board CBB Coalition for Buzzards Bay CBB Could Be Better (visual effects) CBB Can't Be Bothered ) assumed control of TIBC and Saad Group's Bahrain-based Awal Bank in July 2009, and appointed external administrators to protect creditors' claims. The administrators, law firm Trowers & Hamlins, prepared a statutory report on TIBC that it presented to the CBB and TIBC's creditors. The source familiar with the report said that the $2.074 billion TIBC owed to banks included about $300 million money market liabilities, $361 million foreign exchange transactions and structure trade finance deals worth about $1.4 billion. Deutsche Bank Deutsche Bank AG (IPA: /'dɔɪ.tʃə/[1]) (ISIN: DE0005140008, NYSE: DB) (English: German Bank (DBKGn.DE) and TIBC are battling in court over TIBC's failure to make good on its portion of two foreign exchange transactions, under which the German bank agreed to swap $59.8 million for 40 million pounds. ID:nLN654421 The source said TIBC holds assets worth $4 billion in its books, but that it was unclear whether these could be recovered to pay out creditors. A spokesman for Trowers & Hamlins declined to comment. He said the administrators were in the process of realising the assets of TIBC. The bank has 13 employees remaining, after it laid of a total of 28 in August and September. Copyright : Euclid Infotech Pvt. Ltd. Provided by Syndigate.info an Albawaba.com company |
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