Local Affairs Editor
The “Tayyib” bank, directly in the forced liquidation procedures, announced, in accordance with the decisions issued at the extraordinary general assembly meeting of the bank, based on what was published in the Official Gazette. During the meeting held last January, decisions by the majority required for the shareholders to agree to the compulsory liquidation of the bank, and to file a lawsuit to the judiciary, in accordance with the provisions of the third chapter of the tenth chapter of the Central Bank of Bahrain and financial institutions issued by the law No. 64 of 2006. The optional liquidator for the bank is delegated to direct the necessary judicial procedures to request the compulsory liquidation, and to complete all the required procedures. It is mentioned that the bank was established in the year 1979 and based in Bahrain as an investment bank, and it was included in the Bahrain Stock Exchange in the year 1994, but it was not able to overcome the global financial crisis during the year 2008, and achieved losses of 130.4 million dinars at the end of the fiscal year 2017. The “Tayyib” bank is owned by the Emirati Financial Dubai Group, by 60%, and Rashid Abdul Rahman Al -Rashed and his Saudi children by 13%, and by 5.5%for shareholders from Bahrain. The bank reduced its work in 2011 until 2019, announced its work stopped, and trading in its shares on the stock exchange, due to the material losses it incurred throughout that period, was removed from the Bahrain Stock Exchange from June 4, 2020 according to what was published Its website at the time.
