Global takes NBQ to court for $250m

Kuwait-based Global Investment House, also listed on Dubai Financial Market, has moved court against National Bank of Umm Al Quwain (NBQ) seeking recovery of a deposit the former placed with NBQ in the middle of 2008.

Global stated in a document that NBQ has failed to refund a deposit worth $250 million (Dh917m), which it says it placed with the bank as an advance on a transaction between the two.

"The advice by the group's [Global's] legal advisors confirms the validity of the parent company's rights to seek a refund of the deposit. Therefore, subsequent to the period end, the parent company has filed a lawsuit against the bank for recovery of the deposit," Global said in a note to its Q109 financial statement.