Saudi privately-owned Ahmad Hamad Al-Gosaibi & Brothers Company (AHAB) on Thursday said it had discovered evidence of substantial financial irregularities within its financial services arm.

"While this review is in its early stages, the preliminary findings indicate strong evidence that there have been substantial financial irregularities within the financial services arm", it said in a statement.

AHAB, which is restructuring its debt, did not name the unit. It owns The International Banking Corporation (TIBC), based in Bahrain.

It also said in a statement that its trading divisions were not affected by any potential irregularities.- Reuters