Al Anwar wins case against Addax Bank
Manama, July 21, 2014
Oman-based Al Anwar Holding has won a legal case against Bahrain-based Addax Bank regarding investments made in the bank.
In a filing to the Muscat Securities Market (MSM), Al Anwar said it had initiated a commercial claim at the GCC Arbitration Centre in Bahrain in September 2012 against Addax Bank for recovery of money invested in the bank's shares by its fully-owned subsidiary, Al Anwar International Investments (AAII).
Al Anwar Holding said the GCC Arbitration Centre has delivered a judgement in favour of AAII according to which the share sale transaction with Addax Bank dated June 14, 2009 has been annulled, reported the Gulf Daily News (GDN), our sister publication.
"Addax Bank has been directed to refund our full investment of $4.66m and AAII has been directed to return 3,111,111 shares in Addax Bank," the company said.
Al Anwar Holding said the company's lawyers in Bahrain would proceed with the "enforcement and execution phase" of the case.
"We will keep shareholders informed about the actual recovery against the judgement," the statement added.
Addax Bank could not be reached for comment.
Last year, BMMI bought the Addax Tower and car park building located in Seef District from Addax Bank for BD8.294 million ($21.99 million).
A statement by the bank issued after the transaction said the "sale of the property marks an important step in the bank's restructuring efforts, in the best interest of its investors and shareholders." - TradeArabia News Service