Global seeks arbitration in $50m row
Kuwait, March 15, 2010
Kuwait's Global Investment House said it is seeking arbitration over disputes with two local firms over about $50.2 million.
Global is seeking arbitration from Kuwait's chamber of commerce and industry for a dispute with Kuwait City Holding Company over KD11.57 million ($40.19 million) for an agreement that both firms signed in 2008, Global said in a statement on the Kuwaiti bourse website on Monday.
In a separate statement on Monday, Global said that it was also seeking arbitration for a dispute with Al Madina for Finance & Investment Company over $10 million that Madina was to pay to Global in December 2008. The verdict on the disputes will be announced on April 1, it said.
Later in the day, Madina issued a statement on the Dubai bourse saying that the firm has tried to solve the dispute with Global, but the latter went for arbitration.
Madina said it had filed a court case against Global arguing arbitration would not be appropriate in its dispute.-Reuters