KUWAIT CITY: Kuwait's Global Investment House said it won a long-running legal battle over an aborted buy of a stake in National Bank of Umm Al Qaiwain (NBQ) after an appeals court ordered the Abu Dhabi-listed bank to return its deposit plus interest.
The $250 million sum was placed with NBQ in August 2008 as the first part of Global's purchase of a 20 per cent stake in the bank through a 2.36 billion dirhams ($642.5 million) convertible bond issue.
However, as financial markets slumped in late-2008 and the Kuwaiti firm encountered debt problems which forced it into a restructuring, Global cancelled the planned purchase and wanted the money back, but NBQ said it was entitled to keep it.
Last year, Global won an initial ruling from a Dubai court which NBQ later appealed. A UAE court halted the refund decision in June pending the appeal.