GFH wins legal case

Manama, May 13 (BNA): The Bahrain Chamber for Dispute Resolution (BCDR) has issued its verdict on Tuesday, May 12, in favor of GFH on a legal case against two of its ex-chairmen, according to statement issued by the banking group. The verdict amounts to USD 90.64 million plus a 5% annual interest starting from 13th March 2014 until the date of final settlement. The legal case (under Ref. # BCDR 4/2014), which was heard in BCDR, was filed by GFH against two of its ex-chairmen pertaining to the bonuses they illegally obtained during the period from 2005 to 2008. This is expected to positively impact GFH’s financial results, subject to the full enforcement of the court’s verdict, which is currently appealable before the Court of Cassation, the group's statement said.