Kuwait – Mubasher: GFH Financial Group, listed on Kuwait, Dubai and Bahrian’s bourses, said its board approved the proposed settlements with assets worth an estimated value ranging between $350 million to $450 million.
The assets’ value is preliminary and subject to the external auditors’ procedures and the relevant regulatory approvals before recorded in GFH’s financial statements, according to a bourse filing.
The recoveries will have a positive impact on GFH’s Q4-16 financials.
The group said it will not disclose any more information regarding the settlements or the referred lawsuits due to the confidentiality of the agreements with the counterparties until completion of the settlements.
