Al-Etihad Insurance files claim in Bahrain Chamber against Venture Capital

27/12/2022 Argaam
Logo of Al-Etihad Cooperative Insurance Co.

Logo of Al-Etihad Cooperative Insurance Co.

Al-Etihad Cooperative Insurance Co. filed today, Dec. 27, a lawsuit with the Bahrain Chamber for Dispute Resolution against Venture Capital Bank B.S.C. and Saudi Venture Capital Investment Co. (SVC), along with their board of directors and management, for the ongoing dispute. 

 

Further developments will be announced in due course, according to a statement on Tadawul. 

 

On Aug. 2, the insurer received the decision of the General Secretariat of Committees for Resolution of Securities Disputes (GS-CRSD) on rejecting the claim filed against SVC due to lack of jurisdiction.  

 

The lawsuit, filed in March 2022, is related to a financial dispute about an investment.  

 

The dispute is related to the nature of an investment worth $16.4 million, where the respondent did not satisfy Al-Etihad Insurance’s request to liquidate at maturity on the basis of illiquidity of investments despite maturity date being due. 

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