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  • Dubai Court of Appeal rules in Global's favor on litigation on recovery of USD250million deposit from National Bank of Umm Al Qaiwain (NBQ)
    Posted: Monday, May 21, 2012

    يرجى الضغط هنا لقراءة النسخة العربية من البيان الصحفي

    Please click here for PDF copy of the RNS

    Global Investment House ("Global" or the “Company”) is pleased to announce today that the Honorable Court of Appeal of the Emirate of Dubai passed its verdict (judgment) in the case reverted to the Court of Appeal by the Dubai Court of Cassation, in connection with the appeal submitted by the National Bank of Umm Al Qaiwain in relation to the Court of Appeal’s ruling in favor of Global for the recovery of USD 250 million plus accrued interest and fees. The Honorable court ordered NBQ to repay to Global Investment House USD250,000,000/- (United States Dollars Two Hundred and Fifty million only) towards the refund of a deposit placed by the Company with the Dubai branch of this Bank in August 2008 plus interest at the rate of 9% with effect from 3 December 2008  till the date of repayment plus expenses. Till the date of this verdict, the due and unpaid interest amounts to approximately USD 79 million. The recovery of this long overdue deposit along with interests will strengthen the Company’s financial position.