UAE bank deposits Global's dues to court
Dubai, August 23, 2010
Abu Dhabi-listed National Bank of Umm Al Qaiwain on Monday said it has deposited $250 million with a Dubai court after a ruling asking the bank to return the money to Kuwait's Global Investment House.
The bank said in a statement to Abu Dhabi bourse that the amount has been deposited with court account pending the result of the appeals in the case.
The court last month decided in Global's favour in the dispute. The Kuwaiti company had paid the sum to the bank as a deposit for a National Bank convertible bond issue. Global later cancelled the planned purchase, and asked for the money back, but National bank decided it was entitled to keep it. - Reuters