TIBC administrator clarifies on probe report
Manama, February 4, 2010
Trowers & Hamlins, the international law firm appointed as external administrator of The International Banking Corporation (TIBC) by the Central Bank of Bahrain (CBB), has clarified that, contrary to certain recent media reports, it has not undertaken any criminal investigation into the operations of TIBC or any activities of its officers or employees, prior to its appointment as external administrator.
It said such actions would fall beyond both the scope of its work and its statutory powers, as the administrator of TIBC.
"Instead, Trowers & Hamlins remains focussed on the process of asset realisation and the ongoing administration of TIBC on behalf of the Central Bank of Bahrain and in the interests of TIBC's creditors," a statement said.
As administrators Trowers & Hamlins will however cooperate with any investigation into the operations of TIBC which is carried out by the statutory authorities in Bahrain, it said.
TIBC was placed in administration by the CBB in July 2009 after defaulting on some of its obligations. The CBB then appointed Trowers & Hamlins as external administrator on August 10, 2009. The wholesale bank is majority-owned by Ahmad Hamad Algosaibi & Brothers (AHAB). - TradeArabia News Service