The True Story Behind The Creation Of INVESTCORP
INVESTCORP – (09) The Incorporation & First Meeting of the Board of Directors
Board of Directors
On April 12, 1982 (nearly eleven months after the application), Bahrain Ministry of Commerce and Agriculture approved the incorporation of INVESTCORP. Thus INVESTCORP (the AMF’s brainchild) came into legal existence with its official name being Arab Investment banking Corporation with an authorized capital of US$100 million.
On Sunday, June 20, 1982, INVESTCORP held its first meeting of the Board of Directors at the Holiday Inn, Manama, Bahrain, at 14:00 hours. As mentioned earlier, the understanding between Hashim and Kirdar in the Summer of 1981 was that Hashim will suggest and fully support the appointment of Nemir Kirdar for the post of CEO of INVESTCORP for an initial term of three years. Nemir, on the other hand, will suggest and support Hashim’s appointment as Chairman of the Executive Committee for a period of three years.
By resolution one, Nemir Kirdar was elected as President and CEO of INVESTCORP for a three year term. When the Board moved to discuss the formation of the Executive Committee and duration of the Committee’s function, Dr. Hashim suggested the duration should be three years. He did so based upon prior understanding with Nemir Kirdar. To Hashim’s surprise, Nemir argued vehemently against a three period, suggesting, instead, one-year term. Hence, by resolution-three the Board elected five members of the Board of Directors to serve as members of the Executive Committee.
They were: (8)
- Abdullah T. Bakhsh
- Jawad Hashim
- Nemir Kirdar
- Mohammed Jalal
- Ahmed Mannai
(8) Mohammed Jalal became the Chairman of the Executive Committee.