Dubai: refund granted

Leading Middle East firm Al Tamimi & Co acted for the Global Investment House of Kuwait (GIH) in a $250 million dispute with the National Bank of Umm Al Qaiwain.

The Dubai Court of Appeal confirmed that GIH will be refunded a $250m deposit it paid to NBQ – plus interest at a rate of 9 per cent – that was independently deposited in 2008 as part of a deal that was aborted because of the global financial crisis. GIH sued when it was unable to reclaim the funds because NBQ claimed the sum was an advance payment on a total of AED 2.3 billion ($626 million) owed for a convertible bond issuance.

Dubai: refund granted

Global Legal Post Newsletters