Dubai – MENA Herald: GFH Financial Group (“GFH”) would like to inform its shareholders and the markets that it has been able to conclude a final settlement with one of its adjusted ex-Chairmen in the legal case (ref. #BCDR 4/2014). Accordingly, GFH has recovered approximately US$4 million in cash, shares and real estate out of approximately US$8.7million of the awarded amounts, in addition to a final waiter of all previously filed cases against GFH.
The case was filed by GFH against two of its ex-Chairmen pertaining to bonuses they have illegally obtained during the period from 2005 to 2008. Accordingly, execution procedures continue against the other adjudged person.
The recovery of such amount is expected to have a positive impact on GFH’s financial results for 2016.