Global Investment House Monday said in a statement that it won a favourable verdict from the Dubai Court of Appeal in a dispute relating to a recovery of $250 million (Dh918 million) deposit plus interest from the National Bank of Umm Al Quwain (NBQ).
The dispute was over the $250 million deposit Global placed with NBQ as part of a deal to acquire a convertible debt instrument in NBQ.
The National Bank of Umm Al Quwain and Global Investment House announced in 2008 a primary agreement to issue a convertible debt instrument. The convertible bond was to be issued by NBQ to Global. Under the initial agreement Global had the option to convert the instrument into new shares of NBQ subject to approvals by the UAE regulatory authorities.
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