ICBC Standard Bank agrees to terms for global settlement of US$50 million claim against Kuwaiti real estate company, EFAD Real Estate Company WLL, and relevant individuals, Rezam Mohamed Al Roumi and Khalid Bader Al Roumi

Client(s) Standard Bank Plc

Jones Day acted for ICBC Standard Bank Plc in relation to recovery of a US$50,000,000 debt owing by EFAD under an Islamic financing agreement. Jones Day advised the Bank on potential recovery strategies including enforcement of security in Kuwait and the issue of a claim in the High Court of Justice in London. Most recently, however, Jones Day represented ICBC Standard Bank in the negotiation and documentation of a global settlement entered into between the parties in respect of proceedings in both the UK and Kuwait. The terms of the settlement are confidential.

[2014] EWHC 1834 (Comm)