Bahrain-based GFH Financial Group (GFH) has announced that it has concluded a final settlement with one of its ex-chairmen in a legal case and has recovered approximately $4 million in cash, shares and real estate from him.

GFH was awarded approximately $8.7million in the case, a statement said. However, it did not reveal the identity of the person.

"The case was filed by GFH against two of its ex-chairmen pertaining to bonuses they illegally obtained during the period from 2005 to 2008. Accordingly, execution procedures continue against the other adjudged person," the GFH statement said.

The recovery of the amount is expected to have a positive impact on GFH’s financial results for 2016, it said.  - TradeArabia News Service