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English news

07-Apr-2016

Court rules that CBK should pay KWD44 million to KFH in Boubyan legal case

Commercial Bank of Kuwait (CBK) said that based on a court ruling the bank should pay KWD44.06 million to Kuwait Finance House (KFH). CBK said that it will take measures to protect its rights after the ruling. KFH had filed a lawsuit in 2009 to keep CBK from disposing of shares in Boubyan Bank that it acquired because of a failed repo agreement with Investment Dar. KFH had argued that CBK should not have sold the shares, but rather that these shares should have been placed at the disposal of Investment Dar creditors. KFH had lending exposure to Investment Dar. (Reuters, Bloomberg)

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