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FINANCIAL NEWS
Kuwait’s NIG demands USD25m from lawsuit against Carlyle
26 Aug 2012
(MENAFN) Kuwait’s National Industries Group (NIG) filed a lawsuit against Carlyle Group over a USD25 million investment that went bad, saying that the American private equity firm of marketing the deal without a license, Reuters reported.
This recent case could hurt Carlyle’s relationships with other wealthy Middle Eastern investors.
Ahmed Zakaria Abdel-Magied, lawyer for NIG said that selling foreign securities or shares in investment funds in Kuwait requires a license from local authoritie. Thus, marketing such investments without a license makes the underlying deal invalid.
In a motion filed this month with a Delaware court hearing the case, NIG argues that the dispute should be heard in Kuwait because Carlyle lacked the legal basis to pitch the deal there in the first place.
NIG said also it believes it is entitled to the return of its USD25 million investment under Kuwaiti law.
NIG’s lawsuit focuses on a Carlyle investment fund that was one of the first victims of the financial crisis in 2008. The fund has been the subject of multiple lawsuits against Carlyle.
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