KUWAIT,(Reuters) – Kuwait’s Global Investment House won a Dubai court ruling to get back $250 million from Abu Dhabi-listed National Bank of Umm Al Qaiwain, in addition to interest, a company spokesman said.
“The interest will be about $50 million,” Global’s spokesman told Reuters on Monday after the ruling. 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 National Bank denied it was entitled to keep it.
Trading in Global’s shares was halted on the Kuwaiti stock exchange on Monday ahead of the ruling.