Dubai Finally Unlocks $500m In Frozen Funds, Ending 15-Month Dispute With Kuwaiti Investment Firm
By Dominic Dudley
The Dubai authorities have approved the release of $496m belonging to a Middle East investment firm that has been frozen in a bank account in the emirate, bringing a 15-month battle to a close.
The money belongs to a Kuwaiti firm called The Port Fund and was the proceeds of an investment it had made in a logistics project in The Philippines. It was frozen while passing through a branch of Noor Bank in Dubai in November 2017, after Kuwaiti authorities had linked the funds to an alleged case of embezzlement in their country.