Investment Dar files police complaint against CBK

BUY-BACK DISPUTE: Investment Dar has lodged a criminal complaint relating to 'fraud and breech of trust' against CBK. (Getty Images)

Kuwaiti Islamic finance firm Investment Dar said on Wednesday it had filed a complaint with police against Commercial Bank of Kuwait (CBK) related to a dispute over a stake in Boubyan Bank.

The complaint comes after CBK said on Sunday that Investment Dar and related companies had lost their right to buy back a 19.2 percent stake in Boubyan that CBK had agreed to purchase from Investment Dar late last year.

Investment Dar, which owns half of British luxury carmaker Aston Martin, said on Wednesday it had "filed a criminal complaint based on fraud and breach of trust" with police in Kuwait.

"Investment Dar Co wishes to emphasise that the claim made by the Commercial Bank is unfounded and untrue, and is a mere attempt by Commercial Bank to unjustly acquire such shares of Boubyan Bank," Investment Dar said in a regulatory filing on the Nasdaq Dubai stock exchange.

Officials of CBK, Kuwait's third-biggest bank, could not be reached for comment on Wednesday.

At the time of the initial agreement in December, Investment Dar said it retained the right to buy back shares in Boubyan, an Islamic bank, from CBK.

On Sunday, CBK said in a statement to the Kuwait stock market: "In accordance with the terms of the agreements signed with Investment Dar and its affiliates, Dar and its affiliates have lost the right to buy back Boubyan Bank shares."

It did not elaborate.

Investment Dar in December said it was seeking to borrow up to $1 billion to refinance debts, adding in March it could sell some assets to meet debt obligations. (Reuters)

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