Tuesday 19 June 2018

Kuwait's Al Madina files for protection

Kuwait, April 23, 2014

Kuwaiti firm Al Madina for Finance and Investment Co said on Wednesday it was uncertain of its ability to continue as a going concern, after posting a 26 percent drop in assets and widening its losses for the last financial year.

In a statement to the Dubai bourse, where it is cross-listed, the Islamic investment firm cited unpaid contracts, lawsuits with creditors and the confiscation of "the company's pledged assets for wakala payables".

Al Madina has applied to a Kuwaiti court for protection from creditors and there is "a material uncertainty that may cast significant doubt about the company's ability to continue as a going concern", it said.

The company posted a net loss of 8.2 million Kuwaiti dinars ($29.2 million) for the 2013 financial year, against a 3.3 million dinar loss a year earlier, while total assets fell by more than a quarter to 106.1 million dinars.

Set up in 2005, the firm engages in direct investments, fund management and other financial services across the Middle East and North Africa. - Reuters

Tags: Kuwait | finance | Madina | Bankruptcy |

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