Complex Made Simple

GFH in the spot light as bank wins court cases

The Bahrain All-Share Index fell by 0.231 per cent to hit 1,422.13 points on Monday, January 5.

Gulf Finance House or GFH closed even at $0.19. Earlier in the day, the Islamic investment bank said the Bahrain Chamber for Dispute Resolution (BCDR) judged in favour of GFH concerning the legal case with the dispute value of $11.47m filed against Abu Dhabi Investment House and Qatar Entertainment City Company regarding GFH’s investment in the latter entity.

GFH also said in a filing to the market that the high civil court dismissed a labour case worth $13.8m (#8225/2014) filed by its former chairman Esam Janahi against GFH. The case was filed by Janahi in June 2014 following several claims by the bank against him after he stepped down in 2013.

At the Dubai stock market DFM, where GFH is dual-listed, the shares closed 3.38 per cent higher at AED0.306.

Gérard Al-Fil