Bahrain: Alubaf bank suffers High Court defeat over aircraft finance deal


Issue 1019 - 15 Jul 2016 | 2 minute read

Alubaf Arab International Bank is facing a multi-million dollar pay-out, after losing a case at the High Court in London involving an aircraft financing deal with Bahamas-incorporated Novus Aviation Ltd.The case dates back to March 2013, when Bahrain-based Alubaf contacted Novus saying it was interested in aircraft acquisition and financing deals. After discussing a couple of possible transactions, Alubaf – which is majority owned by Libyan Foreign Bank (LBF) – agreed to join a deal for an Airbus A330-300 to be delivered to Malaysian Airlines in July 2013.

Want to read more?

Subscribe to Gulf States Newsletter

View subscription options

Join our community

Sign up for an account to gain:

  • Set up news alerts on the countries and sectors that matter to you.
  • Free access to newsletter articles under 100 words.
  • Free access to GSN View articles articles.


View a selection of Free articles

Explore subscription options

Follow us on Google News