Thursday, March 4, 2010

TIBC Administrators to Pursue Debtors

The Gulf Daily News reports that TIBC's Administrators,  Trowers and Hamlins, advised creditors that they had secured funding from a group of major creditors and were preparing to go after major debtors of the Bank to secure repayment.

This is an interesting development.  

You'll recall that the Ernst and Young Report on TIBC certainly left the impression that there had been massive fraud at the Bank with the implication that there was little prospect for recovery.

Clearly, creditors wouldn't be putting in more money if there wasn't a real prospect of a reasonable recovery.

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