KUALA LUMPUR, Sept thirteen The Dubai Group, which owns a thirty per cent stake in Bank Islam, is being sued for evident amends of loans after talks aimed at restructuring a company's US$ 10 billion (RM31 billion) in debts collapsed, theFinancial Timesreported today. The paper reported which The Royal Bank of Scotland, Commerzbank as well as Standard Bank have launched "legal chance accessible under a facility documentation" against a Dubai Group, an investment arm of a Dubai Holding conglomerate owned by Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum.
The inform combined which a Dubai Group non-stop negotiations with a creditors in 2010 to restructure US$ 10 billion in debt, including US$ 6 billion owed to lenders as well as US$ 4 billion in intercompany loans with a parent.
TheFinancial Timesalso noted which a Dubai Group pronounced it would continue to pull for a consensual agreement, saying which 35 of a creditors one after another to work towards a restructuring deal, with a series in agreement with a proposal.
The Dubai Group had tried to sell a 30.5 per cent stake in Bank Islam in 2010 though later withdrew a offer.
Bank Islam posted a pre-tax profit of RM470 million last year.
Apart from Bank Islam, Dubai Group's assets embody exposure to a Greek as well as Cypriot promissory note sectors, as well as stakes in informal investment banks Shuaa Capital as well as EFG-Hermes, pronounced theFinancial Times.
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