Al-Etihad Insurance appeals against Bahrain Chamber’s decision on Saudi Venture lawsuit

Logo of Al-Etihad Cooperative Insurance Co.

Al-Etihad Cooperative Insurance Co. filed on Jan. 7 an appeal for cassation against the decision of the Bahrain Chamber for Dispute Resolution (BCDR) in the lawsuit filed by the company against Saudi Venture Capital Investment Co. The appeal notice was submitted to the competent authority at the Court of Cassation in Bahrain. 

In a statement to Tadawul, the insurance services provider said that the appeal fees reached BHD 152. In addition, an appeal guarantee of BHD 68,100 was also submitted. 

Any other updates will be duly announced, the statement added.

On Dec. 3, 2023, the company received a ruling in its lawsuit against Saudi Ventures, Argaam earlier reported.

The lawsuit was 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’s request to liquidate at maturity on the basis of illiquidity of investments despite maturity date being due.