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.
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