Former Algosaibi Banker Flees Bahrain

An incredible story has been reported by England's Daily Telegraph newspaper. Mr Glenn Stewart is an American banker who was the Chief Executive of The International Banking Corporation (TIBC), the Algosaibi's company which is at the centre of the dispute between them and Maan Al-Sanea.

According to the newspaper, Mr Stewart had been the subject of a travel ban imposed by the Bahraini Government, in much the same way as the three Awal bankers that we reported last week. Incredibly, Mr Stewart appears to have fled the country in "mysterious circumstances".

Even more incredibly, Mr Stewart has no lodged a claim in International Court of Human Rights (ICHR) in Geneva in which he is suing three members of the Bahrain authorities who, he argues, falsely imprisoned him to "deliberately inflict mental cruelty and torture".

The Daily Telegraph goes on to report that "lawyers acting for Mr Stewart have already written to several of the organisations charged with investigating TIBC's finances, including investigations company Kroll and accountancy firm Ernst & Young. In the letters seen by The Sunday Telegraph, Mr Stewart's legal representatives have asked the companies to clarify who exactly they are working for and what the nature of their inquiries were."

As the USA does not have an extradition treaty with Bahrain, Mr Stewart will be safe from any legal action. But his story raises some intriguing questions:

- What will the Algosaibis make of the fact that one of their former employees has decided to cut and run in such a fashion?

- Does Mr Stewart's escape mean that he had no confidence in the process of the Bahraini investigation, or did he - perhaps - think that were that investigation to conclude it would not be in TIBC's favour?

- The story will also throw further light on the use of travel bans without formal charges being brought. In particular, what will this event mean for the bankers, both of Awal and TIBC, who remain under travel bans?

For now these questions must remain unanswered, but one thing is certain - the whole story is beginning to unravel...

Read the original Daily Telegraph article here: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7783362/TIBC-banker-sues-Bahrain-after-being-held-for-10-months.html