Almoayed firms ink recovery services pact
Manama, April 3, 2012
Almoayed Chambers and Almoayed Law firm, providers of consultancy, legal and debt collection services, said it has entered into a services agreement with K2 Global Consulting.
K2 Global Consulting, which has its headquarters in New York, is recognised globally as leading specialist providing risk services and solutions for corporations, sovereign nations and high networth individuals (HNWIs).
The agreement will provide the framework for a joint solution to clients in need of asset tracing and recovery services that have arisen in connection with fraud, business dispute, litigation, arbitration or due to any other legal and legitimate claim, said a statement from Almoayed.
The solution includes the provision of legal services by Almoayed Law, strategic advisory and collection services by Almoayed Chambers and investigative and global asset tracing services by K2 Global with the objective of effecting recovery on behalf of clients.
Almoayed Chambers chairman Aymen Almoayed said in the past year as the economy suffered severe setbacks, high net worth individuals had become interested in trying to recover losses they experienced at the hands of local, regional and international rogue agents.
"There were many people who set up rogue financial institutions, limited liability companies or simpler offshore fronts, sought investors and walked away with the funds."
He said their partnering with K2 Global, founded by the world renowned Jules and Jeremy Kroll, will ensure that they can deliver with assistance from the best asset tracing and forensic service providers.
"With our efforts and K2's backing, there's literally nowhere these rogues can hide our clients' hard earned funds."
K2 Eastern Mediterranean and East Africa head Bruce Goslin said they were delighted to partner with Almoayed, a leading strategic consultancy and law firm in Bahrain, to offer a joint solution to clients in need of asset tracing and recovery.
"Class action suits are in its infancy in the Gulf but they will inevitably lead to broad ranging efforts to recover assets in Europe and the US, amongst other locations," he added.-TradeArabia News Service