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Arcapita sues Al Baraka, Alubaf

March 20, 2014 11:43 am

Bahrain’s Arcapita Bank has filed lawsuits against two Arab lenders to recover a total of $45.3m the firm transferred to them just before its 2012 bankruptcy filing, the Dow Jones has reported. The suits against Saudi Arabia’s Al Baraka Banking Group and Bahrain-based Alubaf Arab International Bank are the biggest of 59 lawsuits Arcapita filed on Monday, seeking money it shelled out within 90 days before its March 2012 bankruptcy filing. Arcapita is suing two units of Al Baraka for a total of $35.3m and is going after Alubaf for $10m in a separate suit.