News Column

Gulf Finance House responds to press coverage of dispute verdict

July 24, 2014

Gulf Finance House (GFH) issued a statement to the Bahrain Bourse responding to local coverage regarding the verdict announced by Bahrain Chamber for Disputes Resolution (BCDR) against the bank and its former chairman, Essam Janahi to the benefit of Tanmiyat.

GFH noted that the verdict announced by the BCDR against Janahi and the bank 'has not been executed'. The bank also revealed that the BCDR ordered that the amount under the verdict in favour of GFH be frozen in addition to freezing all accounts of Tanmiyat and Janahi for a total amount of $78 million.

The freeze order, said, the bank, was issued based on a case filed by GFH against Tanmiyat and Janahi in relation to allegations of embezzlement and the provision of misleading information to the BCDR by Tanmiyat.

GFH is proceeding with separate action in the Cassation Court. 

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Source: CPI Financial

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