International Investment Group (IIG) of Kuwait said it is unable to pay $152.5 million to sukukholders who demanded immediate repayment after the Kuwaiti finance company defaulted on its $200 million Islamic bond.

In April, IIG became the second Kuwait-based firm in a year to miss a sukuk payment.

Investment Dar Co., owner of half of Aston Martin Lagonda Ltd., missed a payment on a $100 million Islamic bond in May 2009.

Global Investment House KSCC, Kuwait’s biggest investment bank, defaulted on loan payments in 2008.

http://www.arabianbusiness.com/593485-kuwaits-iig-defaults-on-1525m-sukuk

 

Leave a Reply

Looking for something?

Use the form below to search the site:


Still not finding what you're looking for? Drop a comment on a post or contact us so we can take care of it!