Global seeking arbitration in $50m disputes
Kuwait's Global Investment House said it is seeking arbitration over disputes with two local firms over about $50.2 million (Dh184.37m).
Global is seeking arbitration from Kuwait's chamber of commerce and industry for a dispute with Kuwait City Holding over KD11.57 million (Dh147m, $40.19m) for an agreement that both firms signed in 2008, Global said in a statement on the Kuwaiti bourse website yesterday.
In a separate statement yesterday, Global said it was also seeking arbitration for a dispute with Al Madina for Finance & Investment over $10m that Madina was to pay to Global in December 2008.
The verdict on the disputes will be announced on April 1, it said.
Later yesterday, Madina issued a statement on the Dubai bourse saying that the firm has tried to solve the dispute with Global, but the latter went for arbitration. Madina said it had filed a court case against Global arguing arbitration would not be appropriate in its dispute.
Global is one of the Gulf Arab state's biggest investment firms.
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