CBK says court rejects Dar claim
Kuwait, October 21, 2011
Commercial Bank of Kuwait (CBK) said that a regulatory court had dismissed a case brought by Investment Dar over a disputed stake in Boubyan Bank.
CBK and Dar are in litigation over the Boubyan stake which Dar sold to CBK in 2008 to obtain funding, with the right to buy it back. In 2009, CBK said Dar had lost that right and tried to sell the stake on the open market, a move blocked by a Dar-requested court order.
CBK said that the Capital Markets Authority (CMA) court rejected Investment Dar's claim that CBK had no permanent rights to the shares in Islamic lender Boubyan.
'On Oct. 19 the (CMA) court rejected Investment Dar's case about the voidness of CBK's ownership of Boubyan's shares,' CBK said in a statement on the Kuwaiti bourse website on Thursday. It did not elaborate.
CBK owns a 19 percent stake in Boubyan, according to Kuwaiti bourse data.
'This is a first degree ruling and not executable ... and it will be appealed immediately,' Dar said in a separate statement on the bourse website on Thursday.
Dar, owner of half of luxury carmaker Aston Martin, is restructuring $3.6 billion in debt.-Reuters
More Finance & Capital Market Stories
- Norton Rose Fulbright advises on IDB $1.5bn sukuk
- IGIH posts 24pc rise in profit
- Tokyo exchange inks Dubai agreement
- PiSlice, du partner to encourage micro-lending
- Bank Alkhair swings to $4.7m profit
- BMI launches new personal loan promotion
- Experts shed light on key Fatca legislation
- Saudi inflation plunges to four-year low
- UAE investment appetite 'strengthens' says expert
- Dubai mulls rule change to woo domiciled funds
- UAE, Abu Dhabi roll over $20bn of Dubai's debt
- Saudi can achieve 4.4pc growth this year
- Emaar listing of retail unit 'within months'
- Dubai Investments nets $29m profits
- Compliance officers facing diverse pressures, says study
- Abu Dhabi finance dept inks deal with Ajman
- Kuwait registers 8pc credit growth
- Bahrain Sico funds net solid returns
- Emaar proposes 15pc cash dividends
- ABG units win top Islamic finance award
- Finance House approves 25pc cash dividends
- Qatar 'most expensive country in Gulf'
- Egypt regulator sets rules for index
- Dubai Islamic eyes Kenya, Indonesia for expansion
- ADCB to buy back 3pc of its shares
- GCC insurance growth outpaces developed markets
- Bahrain 'faces budget deficit, inflation challenges'
- Global Payment Services wins key certification
- BBK unveils big India expansion plans
- Kuwait GDP growth to hit 3.5pc in 2014