In its "Disclosures" section, AlQabas has two lines giving Boubyan Bank's reason for the lawsuit. The Bank took the action because AlAbraj stopped settling its debts with Boubyan, which the Bank states total KD 45.2 million in aggregate - owed to both the Bank and some of its clients. Boubyan also notes that in addition to raising the bankruptcy petition against AHC it has filed a "responsibility complaints" against some of AHC's former board members.
You'll recall that in its statement to the KSE, AHC had described its debts as recently having been reduced to KD39 million. It's not clear why the difference. Is AHC referring only to principal, while BB is including interest? Earlier post here.
In any case, what is clear is that BB appears to be the major and perhaps only real creditor of AHC.
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