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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.
January 31, 2011 12:06 by Reuters
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)