Al Madina to appeal against $10m ruling

Kuwait's Al Madina for Finance and Investment Company will appeal an arbitration ruling ordering it to pay Global Investment House $10 million (Dh36.7m) related to a share dispute, the firm said yesterday.

Last week, the arbitration centre at Kuwait's chamber of commerce ruled in favour of Global, the country's biggest investment bank, over the $10m debt and ordered Al Madina to pay $300,000 in compensation.

Al Madina said it will take legal action and challenge the ruling in an appeals court. The dispute relates to a share repurchase agreement between the two firms.