Bank appeals court ruling

Court had ordered it to pay $250 million to Kuwait's GIH

Abu Dhabi-listed National Bank of Umm Al Qaiwain is to appeal against a Dubai court decision ordering it to pay $250 million to Kuwait's Global Investment House.

Global said on Monday that the court decision had gone in its favour over the sum, a deposit placed by the company with National Bank in August 2008.

The sum was paid by Global to National Bank as a deposit for a National Bank convertible bond issue.

Global later cancelled the planned purchase, and wants the money back, but National Bank decided it was entitled to keep it.

"The bank declares that it shall study carefully the said judgement and the grounds on which it was based and shall exercise its legal rights by appealing the said judgement within the statutory time limit," said the bank, based in Umm al-Quwain.

  • Twitter
  • submit to reddit
comments powered by Disqus
Find the best properties for sale & rent in the UAE
Available on the App StoreAndroid app on Google PlayGet it at BlackBerry App World

Most Popular on Emirates 24|7

Latest jobs available

More jobs on Emirates 24|7


Are you travelling out of the UAE these holidays?

In Case You Missed It ...

eSuggestion eComplain eComplain eSuggestion

Emirates 24|7

Emirates 24|7
Pinterest Facebook Facebook Twitter RSS

Your Feedback

Are you satisfied with your browsing experience?