Jordan ends freeze on Global's Jordan unit operations

Jordan regulator says unit of Kuwait's Global Investment House free to do business again. 
Jordan ends freeze on Global's Jordan unit operations
By Suleiman al-Khalidi
Tue 17 Feb 2009 12:36 AM

Jordan's Securities Commission said on Monday it had cancelled the suspension of activities at the Jordan unit of Kuwait's Global Investment House after a court ruling lifted a freeze on its assets over a loan dispute.A statement by the regulator said the move came after a Jordanian court on Sunday lifted a ruling it issued last week to seize the assets of the Kuwaiti investment firm after Jordan's Housing Bank for Trade and Finance resorted to the courts following a default on a $13 million loan.

The court had also ordered a temporary halt to the operations of its Global Jordan unit.

On Thursday, Global said it reached an agreement with the bank to release bank deposits seized by a court over a $13 million loan dispute.

Global said last month it had defaulted on most of its debts as investment firms in oil producer Kuwait suffer from the credit crunch.

The company, which is heavily invested through mutual funds in many international markets, had at the end of 2008 total liabilities of $3.1 billion after defaulting on a $200-million loan in mid-December. (Reuters)

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