Investors Holding Group has filed a lawsuit against the former Chairman of its subsidiary Grand Real Estate Projects – Egypt, Ahmed Abdel Fattah Bayoumi Badr.
The Kuwaiti firm said that the former Chairman violated his duties and caused severe damage to the company during his tenure, according to a statement to Boursa Kuwait on Monday.
Any new developments will be disclosed in due course, the company added, noting that the financial impact of the legal action cannot be determined at the moment.
During the first six months of 2020, the Kuwait group suffered net losses of about KWD 55,000, down from nearly KWD 80,000 in the year-ago period.
Source: Mubasher
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