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Wed 13 May 2015 10:51 AM

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Bahrain’s GFH wins $91m legal case against its ex-chairmen

Case at the Bahrain Chamber for Dispute Resolution was over bonuses

Bahrain’s GFH wins $91m legal case against its ex-chairmen

Gulf Finance
House said on Wednesday that it had won a $91 million legal case at the Bahrain
Chamber for Dispute Resolution against two former executives, whom it did not
name, over their bonuses.

The verdict
amounts to $90.64 million plus 5 percent annual interest from March 13, 2014 to
the date of final settlement, it said.

The case was filed by GFH against two of its ex-chairmen pertaining to the bonuses they illegally obtained during the period from 2005 to 2008.

This will boost
GFH's financial results, subject to full enforcement of the verdict, which can
be appealed before the Court of Cassation, the company said.

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