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
More Finance & Capital Market Stories
- Insurance House posts second year of profit
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai
- Ultra rich number to grow 35pc in Mideast
- Saudi IPO market 'set for big year'
- RAK 'exploring' ceramics unit stake sale
- Bahrain Bourse wins key UK award
- Alba backs Euromoney forum
- URC bond rating upgraded to stable outlook
- GCC urged to set up onshore financial centres
- Consolidation push paying off for Bahrain banks
- Mubadala to focus more on US, Europe
- Six banks join plan for shared customer data register
- UAE economy grows 4pc in 2013
- Egypt foreign reserves up to $17.3bn
- StanChart opens second branch in Iraq
- Oil below $90 to hit GCC economies
- Payfort offers zero deposit scheme to SMEs