FINANCIAL BANKING NEWS

REGIONAL BANKING

Abulhasaan Edges Towards Formal Bankruptcy

More than a year after it first got into difficulties, it now seems likely that the prominent Kuwaiti moneychangers Jawad and Haidar Y. Abulhassan and Company will be declared formally bankrupt by the local courts. Local bank creditors of Abulhassan last week filed bankruptcy proceedings at the request of the Central Bank, and in the absence of any last-minute rescue attempt it is likely that the banks...