GFH Bahrain recovers US$4m in legal settlement

Manama : In what could be expected to have a positive impact on the GFH Financial Group, the firm revealed that it has recently concluded a final settlement with one of its adjudged ex-Chairmen in a legal case.

GFH has recovered approximately US$4 million in cash, shares and real estate out of approximately US$8.7 million of the awarded amounts. This is in addition
to a final waiver of all previously filed cases against GFH.

The legal case was filed by GFH against two of its former Chairmen pertaining to bonuses they have illegally obtained during the period from 2005 to 2008.

Execution procedures are said to continue against the other adjudged former Chairman.