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Kuwait’s Gulfinvest cut out from list of investment firms

The firm will coordinate with all creditors and the restructuring officer for the best ways to resume the restructuring process.

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January 31, 2011 12:06 by



Kuwait’s central bank has cut Gulfinvest International  from the list of investment firms operating in the country, the firm said on Monday.

“Clients’ portfolios will not be affected by this decision … and the firm will coordinate with all creditors and the restructuring officer for the best ways to resume the restructuring process,” Gulfinvest said in a statement on the Kuwaiti bourse website.

Last year, Gulfinvest defaulted on a 200 million loan ($54.47 million) to Abu Dhabi Commercial Bank  for which investment bank Shuaa Capital was a guarantor.

(Reporting by Eman Goma; Editing by Amran Abocar)



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