Dar sues central bank over results

Kuwaiti Islamic firm Investment Dar has filed a court case against the country's central bank for not approving its 2008 financial data, the company's legal advisor said in a statement.

"[Dar] has filed a case requesting that the central bank be obliged to approve the company's financial data for 2008," Yousef Al Harbash said in a statement yesterday.

Dar, which owns half of British luxury carmaker Aston Martin, has requested a temporary compensation of KD5,001 (Dh63,873, $17,390) for damages caused by the delay of the approval. The international auditors approved by the central bank have completed auditing Dar's 2008 results, but the central bank has refused to approve the data without a legal reason, said Harbash.

Trading in Dar's shares have been suspended since April 1, after it failed to submit its 2008 records on time. In May, Dar defaulted on a $100 million Islamic debt issue, the first of its kind on a major, public Islamic instrument in the region.

Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.

Follow Emirates 24|7 on Google News.