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FINANCIAL NEWS
Swiss Bank UBS sued by Kuwaiti sheikh al-Sabah for USD21.4m
24 Jun 2013
According to Reuters, Sheikh Meshal Jarah al-Sabah is claiming that UBS has failed to compensate him for his assistance in arranging a USD9 billion sale of the telecommunications giant Zain.
Sheikh al-Sabah, a member of Kuwait’s ruling family, alleges that the Swiss bank recruited him via verbal contract in July of 2009 to help deter Vivendi, a French media conglomerate from acquiring Zain’s telecommunication operations in approximately 15 African nations. The allegation was denied by UBS in a Dubai court.
In late July 2009, Vivendi ended talks with Zain, and Bharti Airtel of India purchased all of Zain’s telecommunication operations in Africa for USD9 billion in 2010. The Swiss bank UBS was an advisor to Zain during the deal.
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