You'll recall that in 2008, Gulf Bank lost some KD360 million largely because of losses on FX derivatives reportedly involving the Euro and taken for the account of one of its clients who refused to settle. There were also rumors at the time that one of the clients in question was a related party.
AlQabas reports that Gulf Bank's client who Gulf Bank had sued has lodged a countersuit against Gulf Bank and requested that a court expert be appointed to study the derivatives and value them. According to AlQ this is part of the client's legal strategy to tie up the case in the courts for years. The anticipation being that the expert's review will take years. Presumably as well once the expert rules additional experts may be brought in to challenge his findings. With suitable opportunity for the other side to respond.
The links in this post provide a bit of further background on this story.
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