Tuesday, September 14, 2010

UK urges action on British bankers held in Bahrain

An article in the UK’s Telegraph newspaper claims that the British government has appealed to Bahrain to speed up an investigation into three British bankers held in the Gulf emirate for more than a year, saying it is "concerned" with the length of time they have been barred from leaving the country.
The Telegraph article comes soon after a previous article in the Gulf Daily News (see post immediately below) foreshadowing diplomatic moves after the recent visit by the UK’s foreign minister, William Hague.
The Telegraph’s Harry Wilson claims that in a letter to the men's lawyers, seen by The Sunday Telegraph, the UK’s government has appealed directly to Bahrain's authorities to resolve the case "as quickly as possible". Jamie Bowden, Britain's ambassador to Bahrain, has also discussed the case with senior officials, claims the Telegraph.
Read the full Telegraph article here.

Wednesday, September 8, 2010

Hope for British bankers detained in Bahrain?

Three British bankers who have been banned for more than a year from leaving Bahrain, without any charges being brought against them, appear hopeful that the UK’s new foreign secretary, William Hague, will use his friendly links with Bahrain to take up their case.

William Hague visited Bahrain in July and tweeted at the time that he had had a “short stop in Bahrain on the way back from Kabul to meet the Crown Prince of Bahrain and my friend and colleague the Foreign Minister.”

According to the Bahrain-based newspaper, the Gulf Daily News (6 September 2010), the three bankers have now written to the foreign secretary asking for help. Government sources in the UK confirm that the men will receive a response, unlike from the previous foreign secretary, David Milliband.

The three bankers Alistair MacLeod, Anthony James and Cliff Giddings worked as senior managers at Awal Bank until its collapse last year. The well-connected Gulf Daily News reported earlier that prosecutors had imposed a travel ban on Bahrain-based senior executives as investigations continued into the bank's closure in July last year. However, it is understood the three men have not been formally charged with a crime.

Awal Bank was owned by Saudi billionaire Maan Al Sanea, who is being sued by his wife's family, the Algosaibis, over allegations that he perpetrated a $10bn fraud. Separately, Abu Dhabi's The National newspaper reported on 3 August 2010 that recent Cayman and US court rulings meant claims by the Al Gosaibi group against Mr al Sanea should be heard and decided in Saudi Arabia.

Click here to read the Gulf Daily News article

Wednesday, September 1, 2010

Riyadh likely to intervene

A recent article by Dubai-based journalist, Mark Townsend, posted on consultants Gerson Lehrman Group's website, suggests that "now the dispute is back on home ground", Saudi Arabian royal family intervention is likely in the dispute between Saad Group and Ahmad Hamad Algosaibi Bros.

The article claims "now that both the Cayman Islands and New York have ruled over jurisdiction, the case is likely to see faster progress towards settlement. Events will probably gather pace immediately after the Eid celebrations that follow the muslim holy month of Ramadan."

Mark Townsend is a well-known journalist based in Dubai and is a presenter of Business Breakfast on Dubai-Eye 103.8 FM. He is also Editor-at-Large to Complinet, a regulatory news service, and has served as the Business and Economics Editor at Khaleej Times in Dubai, the Dubai affiliate of the International Herald Tribune. He has interviewed some of the world's foremost politicians and business leaders and attended the World Economic Forum as a Media Leader.


Read the full article here