The Times newspaper, England, reports today that three senior executives at Awal Bank - part of the Saad Group - have launched a £300,000 libel lawsuit in the High Court in London against a company called Hibis.
The three bankers - Alistair MacLeod, Anthony James and Cliff Giddings, all British - have been under investigation for nearly a year in relation to the collapse of Awal Bank. "They remain under criminal investigation by Bahrain’s Public Prosecutor as part of a wider inquiry into the collapse of Awal but have not been charged", reports The Times.
The article goes on to report that the three men claim that the basis of the investigation against them is a report commissioned by the Central Bank of Bahrain and written by this company called Hibis. It is in the report that accusations against the three men are said to have surfaced first and which is the subject of the libel lawsuit.
The newspaper also reports that the three men have been unable to leave Bahrain after having had to surrender their passports. They have written to the UK Government's Foreign Secretary to appraise him of the situation and to "complain that their health and that of their families has suffered as a result of their confinement. One says he has been unable to seek appropriate checks for a relapsed cancer."
Read the full article here: http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article7117342.ece
Taif Information Center will endeavor to find out more about this new development, so check back for updates.
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