GIH loses court case on NBQ deal

National Bank of Umm Al Quwain (NBQ) said yesterday that Kuwait's Global Investment House (GIH) has lost a court case to scrap its deal to buy a $642.5 million (Dh2.35bn) stake in the UAE bank, after defaulting on payment.

Global, which defaulted on most of its debt earlier this year amid the credit crunch, last year signed a deal to buy a 20 per cent stake in NBQ through convertible bonds. NBQ, in a statement reiterated that the Kuwait firm had paid only $249.9m of the purchase price and defaulted on the rest.

Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.

Follow Emirates 24|7 on Google News.