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* Kuwaiti Royal Suing UBS For $21.4 Mln In Dubai Courts
Thursday, Feb 09, 2012
(MORE TO FOLLOW) Dow Jones Newswires
09-02-12 1155GMT
Kuwaiti Royal Suing UBS For $21.4 Mln In Dubai Courts
Thursday, Feb 09, 2012
DUBAI (Zawya Dow Jones)--A member of Kuwait's royal family is suing Swiss investment bank UBS AG ( UBS ) in Dubai's financial center courts, alleging he was not paid for advising on a major telecommunications deal.
Sheikh Meshal Jarah al Sabah, a Kuwaiti businessman, lodged the complaint against UBS last month and is seeking payment of $21.4 million, according to the website of the Dubai International Financial Center courts. UBS declined to comment.
In the case, Sheikh Meshal is alleging he had a verbal contract with UBS to advise on its role in a high-value investment banking deal, according to a person who has seen claim documents filed with the DIFC courts.
The deal in question is the $9 billion sale of the African assets of Kuwait's Mobile Telecommunications Co. (ZAIN.KW) to India's Bharti Airtel (532454.BY) in 2010, the person said, although the transaction has not been named in court documents filed so far.
UBS was a key adviser to Mobile Telecommunications Co., Kuwait's largest mobile phone operator and better known as Zain , in the Bharti Airtel deal. The acquisition gave Bharti Airtel mobile phone operations in 15 African countries. It still ranks as one of the largest-ever overseas acquisitions by an Indian company.
No hearings have yet been scheduled for the case, according to the DIFC courts website.
UBS does not need to respond to the claim until it acknowledges service of the complaint, which it has yet to do, according to a person familiar with the situation.
Under DIFC court procedures, a more detailed claim should be filed after UBS accepts service of the initial claim, according to a lawyer familiar with the DIFC courts process but who is not involved in the case.
UBS has operations in the DIFC and is regulated there by the Dubai Financial Services Authority, according to the DIFC's company registry. The bank also has offices in Abu Dhabi and Bahrain, but not in Kuwait, according to its website.
-By Asa Fitch, Dow Jones Newswires, +971 55 1093359, asa.fitch@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
09-02-12 1156GMT
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