VOL. XLVI

No 3

20-January-2003

BAHRAIN

BMA Investigates Irregularities In Credit Facilities At Bahraini Saudi Bank

The Bahrain Monetary Agency (BMA) announced on 9 January that it was investigating significant irregularities at the Bahraini Saudi Bank in the extension of credit facilities totaling BD17mn ($45.1mn) to a major company, resulting from a failure to follow the necessary banking procedures. Although these credit facilities represent 85% of the banks paid up capital of BD20mn ($53.1mn),...