Banking, Corporate, & Finance
We have acted as local legal counsel on a number of significant financing transactions during the year, this included the US$ 500 million Bahrain Mumtalakat Company’s first debt capital financing, lead by National Bank of Bahrain – a multi-currency loan with both Islamic and conventional tranches, the US$ 160 million term loan for Ithmar Bank, also lead by National Bank of Bahrain, and the US$ 42 million facility forBahrain Electricity & Supply & Transmission Co. and Bahrain Ferro Alloys Co. which was lead by HSBC Bank Middle East – the purpose of the loan is to facilitate expansion of their operations.
The firm acted as local counsel to Global Banking Corporation (GB CORP) in its capacity as sponsor of the US$ 550 million placement of Marsa Al Seef Investment Company, to Beit Al Mal in its capacity as sponsor of the US$ 160 million placement of Petro Bank, and for Global Investment House on a number of deals.
The firm continues to form significant numbers of branch offices, limited liability companies, and joint stock companies; these include companies regulated by the Ministry of Industry & Commerce (MOIC), the Central Bank of Bahrain (CBB), the Telecommunication Regulatory Authority (TRA), the National Oil & Gas Authority (NOGA), and the Committee for Organizing Engineering Professional Practice (COEPP).
We have been appointed by a number of US companies which seek to utilize the Free Trade Agreement between Bahrain and the US - amongst other, Estee Lauder, Bloomberg, Emerging Markets Management (EMM), City of Austin, Clarendon Parker, Premier Décor, Boston Merchant, INA Commercial, Trade Ticon, MCC Project Partners, and Ultra Tune.
With the uncertain global economic climate, and with the relatively relaxed regulations and attractive low-costs (in comparison to the remaining Gulf countries) permitting foreign ownership of service based companies, many have considered Bahrain a window of opportunity, we have acted for Alliance Bernstein, CB Richard Ellis, Global Leaders, Marina d’Or, RCI, Roxar, PTT Production & Exploration, Meinhardt, MVA Consultancy, Royal College of Surgeons - Ireland, International Resources Group, and Leser GmBH.
Notable local appointments included representing founding shareholder Gulf Finance House BSC in the formation of a number of its ventures, including, First Energy Bank with a capitalization US$ 2 Billion, Cemena Holding, a company formed with a vision to becoming one of the largest cement producers in the MENA region, and Hadeed MENA, an industrial arm of the Bank, starting with a capital of US$ 5 billion with investments in India, Yemen, and Libya. We also acted on behalf of Gulf One Investment Bank, an industrial mega projects leader, in the formation of Moya Holding and Project Feasibility with capitalization exceeding US$ 500 Million. In addition, we advised Al Baraka Islamic Bank on local law aspects of its Al Isdaar Mudaraba Certificates. |
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We have been involved with the majority of mega developments in Bahrain, as local counsel to the property department of Trowers & Hamlins, Bahrain; we have advised on matters for Reef Island, World Trade Centre, Bahrain Bay, GB Corp at the Bahrain Financial Harbour, Diyar Al Muharraq, and Riffa Views.
We have been active in the telecom sector alike, advising on licensing, acquisitions, and IPOs, We act as lead local counsel to MTC Vodafone (Zain Group), Lightspeed Communications, Zajil Telecom, International Turnkey Systems (ITS), Rapid Communication Services, E-Portal Holding, and Hits Africa. We acted for Zain Group in their head-quarter relocation to Bahrain and for ITS in their formation of a Joint Stock Company as part of their Bahrain operations expansion and restructuring.
Dispute Resolution
[Note to reader: we have not updated this section during 2008-2009 for reasons relating to confidentiality and due to information not having been published in the public domain to date]
The Firm continues to represent two major international law firms with offices in Bahrain in a high profile case filed by the Bahrain Bar Association seeking to invalidate the latter’s licenses claiming non-existent competition recourses and appealing the constitutionality of a 2006 law allowing for reputable foreign law firms to operate in Bahrain subject to certain restrictions. The case is currently being heard by the Bahrain Constitutional Court.
Following the announcement of successful bidders for the National Fixed Wireless License (NFWS) by Telecommunications Regulatory Authority (TRA), the Firm has been appointed by the second largest mobile telecommunications company in Bahrain to represent it before the High Civil Court in a defence over the validity of its bid and the success thereof; we were successful in obtain a judgment in favor of our client.
On a regional level, lead by principal and founder Elham Ali Hassan, the Firm has been representing a highly regarded establishment in a civil and criminal litigation involving US$50 million on behalf of the defendants; the case has been filed in Bahrain by a public company owned by the Government of India. The Firm has been managing the relationship between parties in India and Turkey along with representation before Bahrain courts.
The Firm has been appointed by parties from South Africa, Australia, and United Kingdom to file a criminal complaint and civil proceedings against a Bahrain operating Group which has internationally swindled millions of dollars through a series of scams over falsified projects around the world promising high interest rates in a short term. We have been successful in securing a criminal conviction. |
