IslamicFinance.de

Islamic investment bank GFH has reported that Bahrain’s High Civil Court has dismissed the Labor Case (amounting to $13.8 million) filed by Esam Janahi against GFH. The case had been filed by Janahi against GFH in June 2014, following several claims raised by the bank against him. All other cases filed by GFH against Janahi are still in progress. GFH also reported that the Bahrain Chamber for Dispute Resolution has awarded judgement in favour of GFH in a legal case amounting to $11.47 million (BHD 4.3 million) plus profits. The case was filed by GFH against Abu Dhabi Investment House and Qatar Entertainment City Company (QEC) pertaining to GFH’s investment in QEC.

Gulf Finance House (GFH) yesterday reported a net profit of $10.03 million last year as compared to $0.38m in 2011. The profitability is attributed to profitable investments as well as significant restructuring, including the Leeds United football club investment and others. Operating profit before provisions for the year saw an increase of 140 per cent to $20.43m. Additionally, the bank saw a 31pc year-on-year reduction in operating costs mainly due to streamlined operations and reduced facilities. Moreover, GFH settled more than $100m of debt, which will now all mature gradually by 2018 and therefore the bank has been in a stronger liquidity position.

Bahrain's Gulf Finance House GFHB.BH (GFHK.KW) Chief Executive Ted Pretty, who cut costs and rolled over debt but failed to kick start revenues, has left the cash-strapped firm.
A second source confirmed the departure. The sources said that disputes with GFH's Executive Chairman Esam Janahi were the main cause for his departure.
GFH denied, however, that Pretty had left the company for good.

First Energy Bank (FEB) held its first Board Meeting for the year on the 9th of February, 2011, during which the board discussed the Bank's recent performance as well as the Bank's plans for 2011 and further.
In addition to that, the board of directors unanimously appointed Khadem Abdulla Al Qubaisi as the Bank's new chairman, following the recent departure of the Bank's former chairman, Esam Janahi.

In order to rescue Gulf Finance House from the brink of bankruptcy and finance the shareholders have approved a plan to raise up to $500 million.
They also agreed to an asset swap between GFH and its chairman, Esam Janahi, under which Mr Janahi is to transfer his entire 10 per cent stake in Khaleeji Commercial Bank to GFH in return for 100 per cent of Al Areen Leisure and Tourism plus $3m in cash or GFH shares.
The transfer would raise GFH's stake in Khaleeji to 47 per cent, or nearly a controlling interest.

Trading in Gulf Finance House (GFH) shares were suspended on both the Bahrain Stock Exchange and the Kuwait Stock Exchange on Sunday 17 October. The investment bank will be holding its Annual General Meeting (AGM) and an Extraordinary General Meeting (EGM) on Sunday 31 October.
Shareholders will be asked at the AGM to approve an asset swap transaction between GFH and its Chairman Esam Janahi, whereby Janahi will transfer his entire shareholding in Khaleeji Commercial Bank to GFH in return to receiving GFH’s entire 100 per cent equity interest in Al Areen Leisure and Tourism SPC, in addition to $3 million to be paid either in cash or through GFH treasury shares.
Shareholders will also be asked to give the nod to approve borrowing by GFH through any special purpose vehicle established by GFH or at its request, of up to $500 million in equity linked Murabaha Financing.

Vision 3 is strategic alliance formed by the trio of leading Middle Eastern banks, Gulf Finance House (GFH), Ithmaar Bank and Abu Dhabi Investment House (ADIH). The primary goal of Vision 3 is to create tailored Islamic financial institutions. Vision 3 has already announced the creation of InfraCapital, the GCC's first investment bank specialising in the provision of tailored infrastructure development and finance; AgriCap, a new investment vehicle focused entirely on serving agricultural ventures and communities and Hospitality Development Fund (HDF), established to nurture and support opportunities across the global hospitality sector.

The board members include GFH chairman Esam Janahi who will be chairman of the company, Bonyan International chairman and chief executive officer (CEO) Imad Nesnas, ADIH chief executive officer Rashad Janahi and Ithmaar Development Company CEO Mohamed Khalil Al Sayed

Gulf News reported on 11 April that Gulf Finance House aims to develop the USD 10 bn Caspian Energy Hub in collaboration with the Government of Kazakhstan and PFC Energy International and signed a Memorandum of Understanding. The project, shall be a services hub that caters to commercial, technical and human resource needs of the oil and gas industry in the Caspian region. The hub also aims to become a global technical training centre for the oil & gas industry.

Esam Janahi is chairman of Gulf Finance House, Vahan Zanoyan is CEO of PFC Energy International and both presented the concept to Kazakhstan President Nursultan Nazar. Ulf Wokurka is deputy chairman of the Management Board of Kazakhstan Holding for Management of State Assets. Gani Uzbekov is deputy chairman of the Board of Sustainable Development Fund called "Kazyna".

Source: http://archive.gulfnews.com/business/Oil_and_Gas/10204695.html