IslamicFinance.de

In #Kuwait the Court of Appeal has set a new date for the case against Islamic finance group The Investment Dar (TID). The case was brought by Noor Investments of Kuwait and aims to have TID declared bankrupt. A date of 26 October has been set for the court’s committee of experts to report back. The Investment Dar said it would continue to defend the company’s assets from attacks. In their opinion, these court cases are brought by a small number of creditors who wish to put themselves in a preferential position.

The Investment Dar (TID) Investors' Coordination and Liaison Committee (the Committee) has been finished.
TID stated that the Committees task is with coordinating with the company through regular meetings in order to establish regular reporting processes in addition to appointing an individual to become the main contact for all TID banks and investors for information and updates.
According to media reports, TID has been busy getting ready for the implementation of the debt restructuring deal after Ramadan, as the company will start repaying its debts to some creditors. Local reporters say that TID is reportedly looking to set relevant mechanisms in light of the verdict issued in May, which allows the company, which is listed on the Kuwait Stock Exchange (KSE) to benefit from the Financial Stability Law.

Adnan Al-Musallam, chairman of The Investment Dar (TID), fought off any attempt from the last two years from some creditors to put TID under administration or declare it bankrupt.
On June 2, 2011, the Islamic investment company was admitted under the FSL following the approval of the restructuring plan, which was submitted by the company to Kuwait’s Special Circuit Court of Appeal on May 5, 2011.