Kuwait-Mubasher: Gulf Bank of Kuwait (GBK) has denied news by local paper Al-Qabas that the bank is obliged by court to pay KWD 375 million to Pearl Of Kuwait Real Estate Company, according to a bourse filing.
GBK clarified that it has filed a lawsuit in 2010 against Pearl of Kuwait to claim about $539 million which represented the bank’s losses in 2008 from paying debts to foreign banks on behalf of Pearl.
The Kuwaiti bank added that the lawsuit was rejected on Tuesday, saying it will challenge the verdict.
GBK said that no financial impact will reflect on the company’s position.
The bank’s stock fell 1% to 204 fils half an hour before Wednesday’s trading session closes. GBK saw trading of 140,000 shares with a value of KWD 28,440.
