Global Investment House, Kuwait's largest investment bank, Wednesday said a local court has repealed an arbitration ruling that was in its favor against Al Madina for Finance and Investment Co.
The repealed ruling, issued by the Kuwait Commercial Arbitration Center, had stipulated that Al Madina should repay a debt of about $10 million to Global plus a compensation of $300,000, Global said in a statement posted on the Kuwait bourse website.
The court has referred the case to the experts department [of the Kuwaiti ministry of justice], Global said in the statement, adding that the verdict isn't final and it will challenge it if the outcome isn't in its favor.
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