Kuwait's Global Investment House said it won an arbitration appeal against Al Madina for Finance and Investment Co over a disputed share repurchase agreement.
In April, Madina won an arbitration against Global over an KD11.57m ($41.28m) share repurchase agreement, which Global appealed and won. The funds will now be paid to Global, the firm said in a statement on the Kuwaiti bourse website on Tuesday.
Global said it cannot specify how the ruling would reflect on its financials because it depends on when the firm receives the amount from Madina.
In a separate case, Madina won an arbitration appeal in September against Global over a separate $10m debt amount.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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