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Bahrain shuts down GII offices

Manama, July 28, 2010

Bahraini authorities have closed down the offices of Gulf International Investment (GII) over alleged violations.

Employees left the company's floor in the Bahrain Financial Harbour office towers after the doors were closed with official seals from the Industry and Commerce Ministry reading 'Closed due to commercial law violations', according to Reuters.

'It's a small thing, we'll sort it out in one or two days,' one employee said.

It was not immediately clear why the offices were closed and whether the closure was temporary or permanent. The cell phones listed on the company's website were switched off.

Officials at the Central Bank of Bahrain and the Industry and Commerce Ministry could also not be reached for comment.

GII is a small investment company raising money from retail investors for real estate and private equity projects mostly in the GCC region.

One of the firms it started is a local chain of the US franchise Kenny Rogers Roasters restaurants.

GII does not have a central bank licence and is not allowed to invest third-party investor money, according to its entry in Bahrain's commercial registry.-TradeArabia News Service




Tags: Bahrain | finance | law | Gulf International Investment | Violations |

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