x Abu Dhabi, UAEFriday 21 July 2017

Investment Dar files complaint

Investment Dar, the Kuwait-based investment firm that owns half of Aston Martin, says it has filed a criminal complaint against the Commercial Bank of Kuwait.

Investment Dar, the Kuwait-based investment firm that owns half of Aston Martin, says it has filed a criminal complaint against the Commercial Bank of Kuwait after a dispute over the ownership of a stake in Boubyan Bank. In December, Investment Dar sold its 19.2 per cent stake in Boubyan Bank to the Commercial Bank of Kuwait, the second-largest lender in the country, for 94.1 million Kuwaiti dinars (Dh1.19 billion).

The sale agreement, which was approved by the Central Bank of Kuwait, gave Investment Dar the option to buy back the shares later. The sale, made at the height of the global funding shortage, was intended to allow Investment Dar to pay its short-term debts. The Commercial Bank of Kuwait claimed on Sunday that Investment Dar had lost its right to buy back the 19.2 per cent stake in Boubyan Bank, which is also based in Kuwait.

But in a statement on the NASDAQ Dubai exchange website today, Investment Dar disputed the claim, saying it is "unfounded and untrue, and is a mere attempt by Commercial Bank to unjustly acquire such shares of Boubyan Bank". "Investment Dar Company has filed a criminal complaint based on fraud and breach of trust ? accusing the Commercial Bank and its officers of fraud and dishonesty," the statement said, adding Commercial Bank officers "have already been summoned for interrogation concerning the charges raised against them".

The firm said that it would spare no effort in protecting its ownership rights for the shares in Boubyan Bank. Commercial Bank of Kuwait was unavailable for comment. skhan@thenational.ae tpantin@thenational.ae