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Islamic Finance Briefing - Categorized | Banking, Market Moves more

Arab Banking writes off 90pct of $120 mln debt, Seyassah says

Posted on 23 June 2011

Arab Banking Corp. wrote off 90 percent of the $120 million debt owed to it by International Leasing & Investment Co., Al-Seyassah reported, citing unnamed people familiar with the issue.
The Kuwaiti-based Islamic leasing and project-financing company will only pay $12 million to its Bahraini creditor, according to the newspaper. International Leasing also owes $60 million to Kuwait and Middle East Financial Investment Co. (KMEFIC), Al- Seyassah reported……………………………………….Full Article: Source

 
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