Kuwait's Global Investment to pay back debt with deposit refund funds

By Susanna Moon

Chicago, July 19 - Global Investment House KSC said it will repay some of its debt using proceeds from a judgment against National Bank of Umm Al Qaiwain.

A court in the emirate of Dubai ordered the bank to repay Global Investment $250 million toward the refund of a deposit placed with this bank in August 2008, according to a Global Investment press release.

Global Investment said in a separate notice that the bank has been ordered to pay interest at a rate of 9% per year from Feb. 8, 2009 until the date of repayment of the deposit.

The deposit refund "will strengthen the company's liquidity position and will be used to repay the company's restructured debt, thereby strengthening our balance sheet through deleveraging and improving our net income streams by reducing the interest expense," Bader AL-Sumait, chief executive officer of Global Investment, said in the press release.

Global Investment House is a Kuwaiti investment company.

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