The Investment Dar - Legal Suit Update: Investment Dar Bank and Aref

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Investment Dar announces following results of legal actions on 24 November:

1. Bahrain:  The Bahrain Court (presumably Court of Appeals though not specified) has ruled in TID's favor and lifted the legal freeze on its assets in Bahrain, including those all important (from a monetary standpoint) shares in Bank of Bahrain and Kuwait.
2. Kuwait:  TID noted that the judgment in Aref Investment Company's favor was issued by the Court of First Instance and the mere lodging of an appeal (to the Court of Appeals) would stay the judgment.

There are two interesting points to note:

1. Investment Dar Bank Bahrain is listed by Investment Dar Kuwait as an affiliate/subsidiary.  And there was earlier speculation in the Kuwaiti press about the rumored resignation of one of Investment Dar Bank's directors.  Earlier post here.  It is highly uncommon for a subsidiary/affiliate to sue a parent.
2. As I commented earlier, the existence of the Aref lawsuit is not helpful to the restructuring process.   Bankers don't like the threat of lawsuits hanging over obligors.

For more on TID use the label: The Investment Dar.