Sunday 30 May 2010

TIBC banker sues Bahrain after being held for 10 months - Telegraph


The former chief executive of a Bahrain-based bank is suing the Gulf island emirate at the International Court of Human Rights (ICHR) after being held in the country for the past 10 months.

Glenn Stewart, 55, who until last July ran The International Banking Corporation (TIBC), escaped from Bahrain last week and has filed a claim with the ICHR in Geneva, claiming that he was wrongfully banned from leaving the country after TIBC defaulted on its debts in May 2009.

TIBC is at the centre of the biggest financial scandal in the Middle East, with its owners, the billionaire Algosaibi family, launching a multi-billion pound lawsuit against Maan al-Sanea, a wealthy businessman who is related by marriage to the family, accusing him of fraud.

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