Post by Saderati on Jun 15, 2009 23:40:58 GMT 4
June 15, 2009
Kuwait's Islamic firm Investment Dar said it has filed a lawsuit against Commercial Bank of Kuwait (CBK) disputing the sale of a stake in Boubyan Bank.
Dar's statement came after National Bank of Kuwait (NBK) said on Sunday it has agreed with Commercial Bank of Kuwait (CBK) to buy its stake in Islamic lender Boubyan Bank for about 120 million dinars.
"Investment Dar warns the National Bank of Kuwait, or any other party, against attempting to get involved in this dispute so as not to subject its reputation and the interests of its clients and shareholders to risk," Dar said in a statement late on Sunday.
CBK was not immediately available for comment.
Dar said in the statement one of the three lawsuits it has filed with the Kuwaiti judiciary against CBK is to stop CBK from selling Boubyan shares. The hearing for the lawsuit is set for Monday, it added.
It also filed another lawsuit demanding that CBK return the shares to Investment Dar.
Last month Investment Dar filed a complaint against CBK in a dispute over the stake in Boubyan. The complaint came after CBK said Investment Dar and related firms had lost their right to buy back a 19.2 percent stake in Boubyan under a 2008 agreement.
It was not immediately clear if the deal between NBK and CBK could be affected by the dispute.
Kuwait's Islamic firm Investment Dar said it has filed a lawsuit against Commercial Bank of Kuwait (CBK) disputing the sale of a stake in Boubyan Bank.
Dar's statement came after National Bank of Kuwait (NBK) said on Sunday it has agreed with Commercial Bank of Kuwait (CBK) to buy its stake in Islamic lender Boubyan Bank for about 120 million dinars.
"Investment Dar warns the National Bank of Kuwait, or any other party, against attempting to get involved in this dispute so as not to subject its reputation and the interests of its clients and shareholders to risk," Dar said in a statement late on Sunday.
CBK was not immediately available for comment.
Dar said in the statement one of the three lawsuits it has filed with the Kuwaiti judiciary against CBK is to stop CBK from selling Boubyan shares. The hearing for the lawsuit is set for Monday, it added.
It also filed another lawsuit demanding that CBK return the shares to Investment Dar.
Last month Investment Dar filed a complaint against CBK in a dispute over the stake in Boubyan. The complaint came after CBK said Investment Dar and related firms had lost their right to buy back a 19.2 percent stake in Boubyan under a 2008 agreement.
It was not immediately clear if the deal between NBK and CBK could be affected by the dispute.