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.
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