Gulf Finance House (GFH) has issued a statement claiming that it has won a legal case against two of its former chairmen and has been awarded $90.64 million as settlement.

GFH said the verdict was issued by the Bahrain Chamber for Dispute Resolution (BCDR) on May 12. "The verditct amounts to $90.64 million plus a 5 per cent annual interest starting from March 13, 2014 until the date of final settlement," it said.

The case was filed by GFH against the ex-chairmen pertaining to the bonuses they "illegally" obtained during the period from 2005 to 2008.

The statement does not give the names of the former chairmen.

The award is expected to positively impact GFH’s financial results, subject to the full enforcement of the court’s verdict, which is currently appealable before the Court of Cassation, the statement said. - TradeArabia News Service