Mubasher: GFH Financial Group has reached a settlement with an ex-chairman on back of a favourable court ruling, recovering $4 million in cash, shares, and real estate, according to a bourse statement.
With this settlement, the ex-chairman is fulfilling part of an $8.7 million judicial obligation that included another GFH ex-chairman.
The financial group added Thursday that the settlement marks the ex-chairman waiving all of his previously filed cases against GFH.
A relative positive impact is expected to be seen on GFH’s financial results for the fiscal year 2016, the statement added.
