Kuwait's Global wins $250m case against UAE bank

Spokesman says Global likely to also get $50m following Dubai court ruling against NBQ
Kuwait's Global wins $250m case against UAE bank
The disputed $250m was a deposit placed by Global with NBQ in August 2008 for a National Bank convertible bond issue
By Reuters
Mon 25 Apr 2011 03:12 PM

Kuwait's Global Investment House won a Dubai court ruling to get back $250m from Abu Dhabi-listed National Bank of Umm Al Qaiwain in addition to interest, the company said.

"The interest will be about $50m," Global's spokesman said on Monday after the ruling. Global said in a later statement that the interest is about $54.6m.

The interest will be added to the firm's revenues while the $250m will be used to strengthen Global's financial position, Maha al-Ghunaim, Global's managing director said in the statement, without elaborating.

Last year, Global won a ruling from a Dubai court which NBQ later appealed.

The $250 million was a deposit placed by Global with NBQ in August 2008 for a National Bank convertible bond issue. Global later cancelled the planned purchase and wanted the money back, but NBQ decided it was entitled to keep it.

Trading in Global's shares was halted on the Kuwaiti stock exchange on Monday ahead of the ruling.

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