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Abdullah Al Awadi

Since Al Ahlia Holding Co. asked the Kuwaiti government for a $157 million bailout, everyone’s been interested in the chairman and his group of friends. Here’s a short list.

March 8, 2009 9:20 by

Iyad Duwaji is the CEO of SHUAA capital, an investment banking institution that specializes in the GCC and Arab markets. SHUAA Capital has made investments in AHC.

In 2007, the Dubai-based SHUAA Capital was caught in a controversial scandal accused of manipulating the price of a share purchase in Kuwait. According to Trends Magazine, SHUAA “manipulated the price of a transaction in 2005 in which it bought a stake in Al-Ahlia Holding Co.”

“To me market manipulation means that someone benefited from giving false information. We have not benefited from any of this. The refund went back to the investors,” said Duwaji.

Abdullah Al Awadi told Reuters “there was nothing irregular about the transaction.”

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