Bahrain’s GFH Financial Group ordered to pay $2.1 mln settlement

15/03/2016 Argaam
by Nadeshda Zareen

GFH Financial Group has been ordered to pay $2.1 million and a three percent annual interest to Kuwait Finance and Investment Company (KFIC) starting from Dec. 1, 2010 until full payment is made, the group said in a statement to the Dubai Financial Market, on which it is listed.

 

The Bahrain-based Islamic financial group will also have to pay $10,600 in legal costs and fees, the statement said, adding that the ruling is subject to appeal in the Cassation Court.

 

The verdict was passed by Bahrain Chamber of Dispute Resolution in the case filed against GFH by KFIC regarding the settlement of outstanding management fees.

 

GFH said the settlement will not have substantial impact its financial results. 

 

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com

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