Qatar's Barwa wins judgement over Bahrain firms | ConstructionWeekOnline.com:
"Qatar-based real estate company Barwa International has won a legal battle against two Bahraini companies who invested funds on its behalf in a project in Saudi Arabia without obtaining the appropriate licenses from the Central Bank of Bahrain (CBB).
As part of a judgement by the Bahraini Chamber of Dispute Resolution (BCDR), Bahrain-based Inovest and Al Khaleeji Development Company have been ordered to repay Barwa’s it investment of QR61m ($16.9m). They were also ordered to pay Barwa compensation of 1.5%, plus additional costs and expenses.
According to a statement released by Barwa, it has presented an order to the Central Bank of Bahrain (CBB) to instruct all banks in Bahrain to freeze both companies’ accounts to the value of the amount of the judgement."
'via Blog this'
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