Investment Dar

Kuwait Bank and Investor Meeting Held, Implementation of the Plan Discussed

Mon, 08 Mar 2010 10:09:00 AM

InvestmentDar (“the Company”) and the Coordinating Committee representing the banks andinvestors met today in Kuwait with the banks and investors to update on theprogress of the Restructuring Plan and its key achievements to date, includingthe preparation of all legal documentation and structures, as well as how theplan would be implemented. As a means of implementing the RestructuringPlan, which has the support of over 80% of TID’s banks and investors, theCoordinating Committee and the Company discussed an option of utilising Kuwait’sFinancial Stability Law.Since majority agreement to the proposed restructuring plan was secured, asmall minority of investors have continued to resist supporting the plan,which, if implemented, envisages a full repayment of the financial arrangementswith all its banks and investors. The Financial Stability Law provides alegal mechanism which the Company and the Coordinating Committee expect willallow the agreed plan to be implemented, with a stay of legal claims fromdissenting banks and investors which could frustrate the process.Entry into the Financial Stability Law, which is subject to TID Board approval,will not affect the legal or operational status of Investment Dar, and it willcontinue as a going concern as an investment business with a portfolio of valuegenerating assets across different sectors and markets. Investment Dar wouldnot seek financial support in making its repayments, but a legal frameworkto implement its well supported plan. st1\:*{behavior:url(#ieooui) }  /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:Arial; mso-bidi-theme-font:minor-bidi;}

Investment Dar Receives Support and approval of more than 2/3 of the Banks and investors for the Restructuring Plan

Fri, 25 Dec 2009 12:47:00 AM

The Investment Dar Co. K.S.C.C. (“TID”) and the Coordinating Committee of banks and investors (“Coordinating Committee”) of TID and the Investment Dar Bank (“IDB”) are pleased to announce that they have received the support of over 2/3 of TID and IDB banks and investors for the restructuring plan presented in Kuwait City and Dubai on November 24 and 25. As a result, TID and the Coordinating Committee are proceeding with the final implementation of the proposed restructuring plan and are aiming to complete this process as quickly aspossible.Adnan Al Musallam, Chairman and Managing Director commented: “We are delighted with the overwhelming support for the restructuring plan and would like to thank all our banks and investors for their commitment during these challenging times. We would also like to extend our thanks to Sheikh Salem Abdulaziz Al-Sabah, the Governor of The Central Bank of Kuwait and his team for their understanding and pertinence, to Dr. Eid Al Zafiri, The Central Bank Monitor for his kind support and effort. Our thanks also go to H. E.Rasheed Mohammed Al Maraj Governor of the Central Bank of Bahrain and Mr. Khalid Hamad Abdul-Rahman Hamad Executive Director - Banking Supervision of the Central Bank in Bahrain for all their support. TID is committed to complete the proposed restructuring as quickly as possible”Bader Al-Ali, as spokesperson on behalf of the Coordinating Committee, commented: “We are delighted to have achieved this important milestone and would like to thank all banks and investors for their strong support and commitment to this complex restructuring process. We are looking forward to working with the consenting banks and investors to wards a final implementation and quick resolution of this matter. In the meantime, we continue to encourage the small minority of banks and investors who have not yet expressed their support to do so as quickly as possible in order for them to be included in the final implementation phase.”

Investment Dar and the Coordinating Committee present a comprehensive Restructuring Plan

Tue, 08 Dec 2009 12:01:00 AM

The Investment Dar Co. K.S.C.C. (“TID”) and the Coordinating Committee of TID’s banks and investors (“Coordinating Committee”) presented a comprehensive restructuring plan to restructure TID’s financial arrangements with its wider bank and investor group in Kuwait and Dubai on 24 and 25 November, respectively.  Following a period of due diligence and constructive discussions between TID and the Coordinating Committee, agreement has been reached between the parties on the proposed restructuring plan. The proposed restructuring plan has been presented to TID's banks and investors for their support.  The proposed plan is based on a restructuring of the existing financial arrangements with scheduled amortizations over a five year period. As part of the presentations made to the banks and investors, TID management outlined the company's 5 year strategy. Under the actions envisaged in the business plan, TID will satisfy its financial arrangements in full over the five year period. In addition, the proposed plan would provide TID's banks and investors with an enforceable security package and the continued presence of a Chief Restructuring Officer to provide specific expertise and to underline the company's commitment to total transparency in the restructuring process going forward.  Adnan Al Musallam, Chairman and Managing Director commented: “We would like to thank all our banks and investors, particularly the Coordinating Committee, for their patience, co-operation and commitment they have demonstrated. The impact of the global financial crisis is still being felt across the region. With this backdrop, we were encouraged by the constructive discussions with our banks and investors at the latest meetings and we look forward to working with them to conclude the proposed restructuring expeditiously. TID is firmly committed to the process.”

Investment Dar Reaches Majority Agreement on Standstill

Mon, 16 Nov 2009 09:13:00 PM

Investment Dar announces today that a majority of its banks and investors have now joined the Standstill Agreement previously entered into with the Coordinating Committee of its banks and investors.   Investment Dar also recently announced that it will present the initial terms of the consensual restructuring plan agreed with the Coordinating Committee at meetings in Kuwait and Dubai on 24 and 25 November respectively.   Invitations have already been issued by TID and the Coordinating Committee to the Company’s banks and investors to attend these meetings. During these meetings, the Company and the Coordinating Committee will update the banks and investors on their efforts to date and plan to present the terms of the proposed restructuring plan agreed following a period of constructive negotiations. The banks and investors will then have a period to review the terms of the proposed restructuring plan.  Adnan Al Musallam, Chairman and Chief Executive Officer of Investment Dar commented:  “Our restructuring process is making good progress. The process will only be aided by a Standstill Agreement being in place, enabling The Investment Dar, the Coordinating Committee and its banks and investors to focus on consummating a consensual restructuring plan expeditiously. We remain committed to the process and we look forward to being able to discuss further the proposal agreed with the Coordinating Committee next week with our banks and investors in Kuwait and Dubai.”

Investment Dar Restructuring Progress Update

Sat, 14 Nov 2009 09:00:00 PM

Kuwait City – 12 November 2009 - The Investment Dar Co. K.S.C.C. announces that the Company and the Coordinating Committee of TID's banks and investors will present the terms of a proposed restructuring plan to TID's banks and investors at meetings in Kuwait and Dubai on 24 and 25 November respectively.  Such agreement represents the culmination of a constructive period of negotiation between TID and the Coordinating Committee, throughout which every effort has been made to continue to treat all TID’s banks and investors equally and to produce a consensual restructuring plan.  Invitations are being issued to TID’s banks and investors to attend meetings in Kuwait and Dubai on 24 and 25 November respectively, at which the proposed restructuring plan will be discussed further. Following which, TID’s banks and investors will have a period to review and consider approving the proposed restructuring plan.   Adnan Al Musallam, Chairman and Chief Executive Officer of Investment Dar commented:   “We look forward to discussing the proposed restructuring plan with our banks and investors and we remain fully committed to the consensual restructuring process.”

Investment Dar Restructuring Progress Update

Mon, 12 Oct 2009 04:19:00 PM

The Investment Dar Co. K.S.C.C. announced today that the Company and the Coordinating Committee of TID's banks and investors have agreed to extend the milestone dates in the Standstill Agreement.As part of its efforts to treat all of its banks and investors fairly in its restructuring process, The Investment Dar has agreed with the Coordinating Committee to extend the initial deadline of 15 October. The intention is that the revised timeline will give a greater opportunity for TID’s banks and investors to actively participate in the standstill process. As such; the new date by when TID’s banks and investors can accede to the Standstill Agreement is 12 November.The timetable extension will enable those investors, primarily those represented by intermediaries, such as sukuk holders and wakala investors, additional time to consider the Standstill Agreement.Having agreed a Standstill Agreement with the Coordinating Committee on 17 September 2009, The Investment Dar appointed a Chief Restructuring Officer, Mike Grant, an experienced turnaround director. Mr Grant will co-lead together with the executive management of The Investment Dar all matters required to negotiate and implement a consensual restructuring plan, discussions relating to which are ongoing between the Company and the Coordinating Committee.Adnan Al Musallam, Chairman and Chief Executive Officer of Investment Dar, said, "We are making good progress in our efforts to restructure our business and we feel that it is only appropriate that we offer our banks and investors the necessary time to consider the Standstill Agreement. The extension will help in attaining our mutual objective of reaching a consensual restructuring plan expeditiously."Mike Grant, Chief Restructuring Officer of Investment Dar, added, "In the short time that I have been engaged with the Company I can already see the commitment from the Company, the Coordinating Committee and the advisers to conclude this highly complex restructuring promptly. Importantly, the mutually agreed extension does not affect our discussions regarding the consensual restructuring plan, and these continue in parallel in a constructive manner."

Investment Dar Appoints Chief Restructuring Officer

Sun, 04 Oct 2009 12:00:00 AM

As referred to in its announcement last week, The Investment Dar Co. K.S.C.C. now announces the appointment of Mike Grant, as Chief Restructuring Officer to the Company on a consultancy basis to assist the Company with its ongoing financial restructuring.Mr. Grant , a partner at Aaronite Partners, a London based specialist turnaround consultancy practice, currently brings over 20 years of specialist restructuring experience to the Company and has led some of the largest and most complex restructuring projects of recent times; having been appointed to senior positions in Eurotunnel, Railtrack, the UK Government and Cable & Wireless. The appointment of a Chief Restructuring Officer is the fulfillment of a key element of the recently announced Standstill Agreement which the Company is encouraging all of its banks and investors and investor clients of The Investment Dar Bank to enter into and has already been entered into with all of the members of the Coordinating Committee.The CRO will co-lead together with the executive management of the Company all matters required to negotiate and implement a consensual restructuring plan, discussions relating to which are ongoing between the Company and the Coordinating Committee.The Investment Dar Chairman and Chief Executive Officer, Adnan Al Musallam commented:"We are pleased to welcome Mr. Grant as our Chief Restructuring Officer. His wealth of expertise and experience will be invaluable to our restructuring process and the implementation of a consensual restructuring plan in the best interests of all of TID’s stakeholders."

Standstill Agreement

Sat, 26 Sep 2009 09:01:00 PM

The Investment Dar Co. K.S.C.C. announces that it has entered into a standstill agreement (“Standstill Agreement”) with the members of the coordinating committee (“Coordinating Committee”) of TID’s banks and investors (“Banks and Investors”) and investor clients of The Investment Dar Bank.The principle of the Standstill Agreement broadly rests on the Company’s commitment to a variety of undertakings to the consenting Banks and Investors including the appointment of a Chief Restructuring Officer, on the basis of which, the consenting Banks and Investors will, for the duration of the Standstill Agreement, suspend individual claims relating to investment arrangements entered into with the Company, amongst committing to other undertakings to the Company.In addition to the Standstill Agreement and as is customary with most restructurings, the Company has initiated a claims process through which the Company is soliciting its Banks and Investors to notify the size and nature of their claim against the Company.Discussions relating to the consensual restructuring plan are underway and the Company and the Coordinating Committee are working expeditiously to achieve the best possible outcome for all of TID's relevant stakeholders.The Investment Dar Chairman and Chief Executive Officer, Adnan Al Musallam commented:"The Standstill Agreement represents good progress in the Company’s restructuring process. TID’s Board of Directors and the Management remain wholly committed to the Standstill Agreement and to working constructively with the Coordinating Committee towards a consensual restructuring plan. This Standstill Agreement is an important step that will assist us in formulating the consensual restructuring plan expeditiously. We thank the Coordinating Committee and their advisers for their commitment to our mutual objectives."

Investment Dar Statement: Court Decision regarding Boubyan Bank shares

Tue, 16 Jun 2009 10:57:00 PM

Further to TID's announcement on 14 June 2009 of the court case filed by TID before the Kuwaiti Courts disputing the agreement between the National Bank of Kuwait ("NBK") and the Commercial Bank of Kuwait ("CBK") for the purchase by NBK of the shares in Boubyan Bank allegedly held by CBK, the Court has ruled this morning (16 June 2009) the imposition of a stay in trading of the Boubyan Bank shares which TID strongly believes belong to The Investment Dar and its subsidiaries, being 221,425,059 shares (the "Shares"), but are registered in the name of the CBK on a temporary basis. The Kuwaiti Courts also ruled that the stay on trading of the Shares shall continue until such time as the Kuwaiti Courts rule on the disputed ownership of the Shares at a final hearing, currently set by the Kuwaiti Courts to be held on 9 September 2009 (case number 2730/2009) and, further, that CBK must pay TID's costs.

Notice from The Investment Dar Company K.S.C.C.

Mon, 15 Jun 2009 03:25:00 PM

With regard to the statement made by the National Bank of Kuwait ("NBK") concerning its agreement with the Commercial Bank of Kuwait ("CBK") for the purchase of the shares in Boubyan Bank allegedly held by CBK, amounting to 220,631,095 shares (the "Shares") for a total amount of KD 120 million, The Investment Dar, while expressing its concerns at the contents of NBK's statement, makes the following statement: The Shares that are the subject of NBK's statement are owned absolutely and conclusively by The Investment Dar, and CBK has claimed to be the owner of the Shares, which, in fact, is wholly untrue. For this reason, the Company has had to act by taking all legal and judicial measures available to it to protect its interests. The Company has initiated a penal law suit for fraud and breach of trust against the officers of CBK, and the case was registered under No. 142/2009 – Salhiah Misdemeanors. A hearing is being set by the Kuwaiti courts to hear this penal case shortly. The Company has also filed a summary law suit which was registered under No. 308/2009 Summary 3 for issuing an injunction order preventing CBK from disposing of the Shares. The case is set to be heard by the Kuwaiti courts on 15 June 2009. The Company has also filed a case for the return of the Shares from CBK to TID. Considering that the Shares are the subject of a dispute between CBK and TID pending before the honorable Kuwaiti courts, as has already been reported by the Kuwaiti press, and as the Kuwait Stock Exchange has been notified of the dispute in order to stop trading in the Shares, and since the Central Bank of Kuwait has been informed of the details of this dispute, which has become public knowledge, it is the Company's belief that a third party can not claim that, acting in good faith, it is unaware of this dispute. The Investment Dar encourages NBK, and any other third party, against becoming involved in this dispute and against harming its own reputation and exposing the interests of its customers and shareholders to risk, as The Investment Dar will take every action through its Legal Department and its team of specialized advocates to defend its ownership of the Shares and to potentially claim for all damages against any party that has had a role in causing it to suffer such damage.