Court halts NBQ payment to Global

National Bank of Umm Al Qaiwain (NBQ) said a Dubai court has halted a decision asking the Abu Dhabi-listed lender to pay $250 million to Kuwait’s Global Investment House pending a September hearing.

In April, Global won a ruling to get back $250m from NBQ in addition to interest of $54.6m.

“The court issued its decision to stop executing the sentence until a hearing about the appeal coming from NBQ that will take place on Tuesday, September 20,” the lender said in a bourse statement on Wednesday.

The $250m 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 NBQ decided it was entitled to keep it.

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