Six board members of the Commercial Bank of Kuwait SAK, the country’s third-largest lender, resigned over a legal dispute with Investment Dar Co., the bank’s acting Chief Executive Officer Elham Mahfouz said.
“The ruling is not final yet,” Mahfouz said in phone interview today from Kuwait City. “We have appealed against the ruling today.” She did not give any details of the court decision.
Commercial Bank said in May 2009 it owned 19.2 percent of Boubyan Bank KSC (BOUBYAN), an Islamic lender controlled by National Bank of Kuwait SAK. Investment Dar (TID) lost a buyback option on the stake, which it sold for 94.1 million dinars ($336.7 million) in December 2008. Commercial Bank subsequently agreed to sell its stake in Boubyan Bank to National Bank of Kuwait for about 121 million dinars.
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