Middle East Economic Survey

VOL. LII

No 24

15-Jun-2009

SAUDI ARABIA

AHAG Says Irregularities Indicated In Financial Operations

Ahmad Hamad Algosaibi & Brothers Company (AHAG), which is undergoing a restructuring after a subsidiary (The International Banking Corp TIBC) defaulted on its obligations (MEES, 8 June) announced on 11 June that a review of operations, although in the early stages, had uncovered strong evidence of substantial financial irregularities at its financial services arm. The...