Post by Saderati on Sept 8, 2009 7:55:28 GMT 4
Kuwait's central bank appointed a temporary supervisor to monitor debt restructuring and compilation of financial results at Islamic firm Investment Dar, the state news agency said on Monday, September 7, 2009.
The decision to appoint a monitor was due to a request from a committee of lenders to Investment Dar for central bank intervention to ensure transparency of the firm's restructuring process and financial results, according to a statement.
Dar, which owns half of British luxury carmaker Aston Martin, has said it may sell some assets to meet its obligations as it seeks to restructure its debt after saying it was seeking to borrow up to $1 billion to refinance debt.
Kuwait's central bank stepped in to rescue Gulf Bank after derivatives losses, and the bank edged back into profitability in the first quarter of 2009.
Monday's statement said the central bank had not yet approved the group's financial results for 2008, which were presented in June of this year.
"The company has not provided required up-to-date financial statements," it said, noting that the firm's own auditors had not had a chance to fully review the audit presented to the central bank. "The company was asked to make sure its auditors were able to express their opinion on the financial results."
Investment Dar said in July it had filed a court case against the central bank for not approving its 2008 financial data.
Kuwait, one of the world's biggest oil exporters, is trying to improve financial regulations to attract investors and diversity away from oil revenues.
Home to the Arab world's second largest bourse, Kuwait has no financial regulator and rules on disclosure to the stock market are lax by international standards.
The decision to appoint a monitor was due to a request from a committee of lenders to Investment Dar for central bank intervention to ensure transparency of the firm's restructuring process and financial results, according to a statement.
Dar, which owns half of British luxury carmaker Aston Martin, has said it may sell some assets to meet its obligations as it seeks to restructure its debt after saying it was seeking to borrow up to $1 billion to refinance debt.
Kuwait's central bank stepped in to rescue Gulf Bank after derivatives losses, and the bank edged back into profitability in the first quarter of 2009.
Monday's statement said the central bank had not yet approved the group's financial results for 2008, which were presented in June of this year.
"The company has not provided required up-to-date financial statements," it said, noting that the firm's own auditors had not had a chance to fully review the audit presented to the central bank. "The company was asked to make sure its auditors were able to express their opinion on the financial results."
Investment Dar said in July it had filed a court case against the central bank for not approving its 2008 financial data.
Kuwait, one of the world's biggest oil exporters, is trying to improve financial regulations to attract investors and diversity away from oil revenues.
Home to the Arab world's second largest bourse, Kuwait has no financial regulator and rules on disclosure to the stock market are lax by international standards.