UAE banking spat with Kuwait’s Global sent to new court

Global had won a previous ruling to get back $250m from Abu Dhabi-listed lender NBQ
UAE banking spat with Kuwait’s Global sent to new court
The legal battle between the two banks has spanned three years
By Reuters
Tue 15 Nov 2011 04:03 PM

National Bank of Umm Al Qaiwain (NBQ) said on Tuesday the Dubai court of cessation has referred back the Abu Dhabi-listed lender's case against Kuwait's Global Investment House to the court of appeals.

"The court ruled the previous verdict void and referring the case to the court of appeals to rule on it all over again," NBQ said in a statement on Tuesday, citing the court ruling.

In June, NBQ said a Dubai court halted a decision asking it to pay $250n to Global pending a September hearing.

In April, Global won a ruling to get back $250m from NBQ in addition to interest of $54.6m.

The $250m 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.

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