Al Anwar Holding files claim against Bahraini lender
- Oman: Tuesday, September 25 - 2012 at 08:58
Oman-based Al Anwar Holding has initiated a commercial claim at GCC Arbitration Centre, Bahrain, against Addax Bank, and Bahrain for recovery of the amount invested in its shares, Times of Oman has reported. "We appointed a prominent lawyer in Bahrain to represent us in the GCC Arbitration Centre," the company said. "We would like to further clarify that the carrying value of the investment made in Addax Bank has been valued at its fair value at end of every reporting period, using NAV of Addax Bank as basis, in accordance with requirements of IFRS." The value of this investment stood in our books as on June 30, 2012 at OR427,315 ($1.11m).
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