MANAMA: Bahrain-based GFH in a statement said that it had won case against two former Chairmen of the bank for claiming $90.64m as bonuses from 2005-08.
The bank addressing the shareholders and the markets confirmed that the Bahrain Chamber for Dispute Resolution (BCDR) had issued its verdict on 12th May 2015 in favor of GFH on a legal case against two of its ex-Chairmen. 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,” the statement added.
“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.”