Company Overview of A. H. Algosaibi & Bros. Co.
Ahmad Hamad Algosaibi & Bros. engages in financial, manufacturing, contracting and real estate, trading and commercial agency, shipping, travel, media and exhibition, and agriculture businesses. Its activities include water freight forwarding; distribution of ship equipment; manufacture of cans, paper, steel pipes, tires, and electrical machinery; soft drinks bottling and chips production; tugboats; advertising, public relations, fairs, and exhibition organization; insurance, banking, and investment services; hotel operations; travel agencies; and civil contracting and engineering consulting services. Ahmad Hamad Algosaibi & Bros. was formerly known as Hamad Algosaibi & Sons. The company was...
Ahmad Hamad Algosaibi Building
Hamad Algosaibi Street
Founded in 1991
Key Executives for A. H. Algosaibi & Bros. Co.
Acting Chief Executive Officer and Chief Restructuring Officer
Financial Advisor and Director
Compensation as of Fiscal Year 2016.
A. H. Algosaibi & Bros. Co. Key Developments
AHAB Files Evidentiary Response to TIBC Administrator
Sep 9 15
At a court hearing on September 9, 2015 in Bahrain, Ahmad Hamad Algosaibi and Brothers submitted evidence refuting the legal case filed last year by the Administrators of The International Banking Corporation. The claim, pending in the Bahrain Chamber for Dispute Resolution (case no. 11/2014), asserts that TIBC lost billions of dollars when AHAB induced it to make loans to false customers in Saudi Arabia. AHAB denies liability for the claim. TIBC was established in 2003, with AHAB recorded as its majority shareholder. The bank collapsed in 2009, and two independent investigations have concluded that it was established and operated without AHAB's authorization, based on false and forged documents. AHAB's submission corroborates the findings of these prior investigations and it directly refutes the case filed by the TIBC Administrator. The AHAB submission includes substantial evidence demonstrating that TIBC management not only knew the loan customers were false, but also that it actively helped create and maintain the false loan customer scheme in order to illegally route money to Saudi Arabia for the benefit of co-conspirators. The evidence specifically shows that TIBC employees knowingly fabricated loan applications, referral letters, and financial statements of the false customers, and worked directly with co-conspirators in Saudi Arabia to conceal the true nature of the scheme from the bank's auditors. AHAB's submission also proves the funds did not benefit AHAB, but instead went to the benefit of co-conspirators of TIBC in Saudi Arabia.
Similar Private Companies By Industry
Recent Private Companies Transactions
|No transactions available in the past 12 months.|
The information and data displayed in this profile are created and managed by S&P Global Market Intelligence, a division of S&P Global. Bloomberg.com does not create or control the content. For inquiries, please contact S&P Global Market Intelligence directly by clicking
Most Searched Private Companies
Sponsored Financial Commentaries