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US court backs Awal BankA US court has denied a motion from HSBC USA to have Bahrain-based Awal Bank removed from US Chapter 11 bankruptcy protection. The US Bankruptcy Court for the Southern District of New York also ruled that Awal would be allowed to continue More… |
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Saad boss facing charges in BahrainBahrain is pressing charges against Saudi businessman Maan Al-Sanea, the first time any of the players in a multi-billion dollar row with the Algosaibi family face the prospect of trial in a criminal court. Al-Sanea is o More… |
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Awal Bank files for US bankruptcy protectionBahrain-based Awal Bank, controlled by Saudi Arabia's Saad Group and Saudi businessman Maan Al-Sanea, has filed for bankruptcy protection in the United States. According to its Chapter 11 petition filed with the US bankruptcy court in Manh More… |
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CBB wins court backing on Awal Bank decisionA Bahrain court ruling has supported the decision of the Central Bank of Bahrain (CBB) to place Awal Bank into administration. The CBB said the ruling in its favour came following an appeal launched by the former chairman of Awal Bank agai More… |
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Awal Bank cancels 5 employment contractsCharles Russell, the Bahrain and London based law firm, acting as external administrator of Awal Bank (in Administration) has cancelled the employment contracts of a further five of the bank's employees. “As the bank has not been tradi More… |
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Awal Bank inventory submitted to CBBCharles Russell, the Bahrain and London-based law firm, has confirmed that a report consisting of an inventory of the rights, assets and liabilities of Awal Bank, has been submitted to the Central Bank of Bahrain (CBB). This is in accordan More… |
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Awal cancels contracts of 28 employeesAwal Bank has paid off 28 of its 54 employees just a week after The International Banking Corporation (TIBC) cut its workforce by 21 people to just 20 members of staff. Both banks were put into administration by the Central Bank of Bahrain More… |
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TIBC cancels 21 job contractsHalf the staff at The International Banking Corporation (TIBC) were paid off yesterday. A total of 21 staff were handed their notice yesterday at the bank, leaving only 20 employees at the financial institution which was put into administr More… |
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Administrators named for two banksThe Central Bank of Bahrain has appointed administrators for The International Banking Cooperation (TIBC) and the Awal Bank. The two local banks are linked to troubled Saudi firms Saad Group and Ahmad Hamad Algosaibi & Bros (AHAB More… |
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CBB takes control of Saudi groups' banksThe Central Bank of Bahrain (CBB) has taken control of banks belonging to two Saudi groups in the latest escalation in one of the largest financial scandals the Gulf region has seen. The central bank said it has assumed control of Awal Ban More… |
