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Wed 9 Feb 2011 11:11 AM

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Kuwait's Global Investment wins appeal against Madina

Global Investment House wins appeal over KD11.57m ($41.28m) share repurchase agreement

Kuwait's Global Investment wins appeal against Madina
CASE SETTLED Kuwaits Global Investment House said it won an arbitration appeal against Al Madina for Finance and Investment Co over a disputed share repurchase agreement

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.

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