Global seeking arbitration in $50m disputes

Al Madina for Finance & Investment was to pay to Global in December 2008. Over this dispute, Global said it was seeking arbitration with Al Madina. The verdict will be on April 1. (AP)

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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