Of the total sum, creditors have agreed that around US$2.15bn of the debt will be extended for five years, while they will also receive a two percent cash interest coupon on the new facility.
They are suing for "more than $10 million" as a result of the alleged manipulation of shares in Bill Express, the electronic pre-paid bill payment company that went under in 2008 with debts of more than $200m.
The DFSA announces the delisting of DIB Sukuk Company Limited (DIB) from the Official List of Securities following the announcement by DIB that it has repaid in full a USD 750 million five-year Sukuk, which matured on 22 March 2012.
Allen & Overy today announces 23 promotions to partner across 14 offices in 12 countries. Nearly 40% of new partners are female and, for the fifth year running, the majority (73%) are based outside London, underlining Allen & Overy's commitme
H.E. Hamood Sangour al Zadjali, Executive President of the Central Bank of Oman, revealed to the Oman-based newspaper Muscat Daily that the first draft of Islamic banking rules is almost ready and it is being updated with comments from local banks.
All banking executives sitting on the boards of directors of the UAE’s top banks are to face more scrutiny and will undergo a 'fitness test' to assess their expertise, the UAE central bank governor announced on Tuesday.
While concerns about further economic uncertainty continue to be top of mind for business leaders, issues such as fraud and ethics, mergers and acquisitions, large programs, new product introductions, and business continuity were identified among the top
Claims are pending against Hapoalim and its board over the Pozitif transaction, based in part on Dankner's failure to disclose his personal interest in the deal, which, in a court statement, Ziv said he knew nothing about.
SJ Berwin’s senior partner-elect is putting international expansion at the centre of his strategy, with a US merger a “work in progress” and a Singapore launch and expansion in Dubai firmly on the agenda.
The FATCA Seminar was tailored to address the unique needs of Middle Eastern institutions, including Islamic banking and takaful insurance structures as well as sovereign wealth funds, and family offices.
Fierce competition, lack of regulation, low profitability and underwriting losses also cause decline in customer service, which later might trigger mistrust in the insurance sector among the public.
The US Treasury Department has disrupted a Dubai-based banking operation that the United States believes was Iran's main conduit for evading international sanctions and processing oil sales, the Wall Street Journal reported.