Dubai Finally Unlocks $500m In Frozen Funds, Ending 15-Month Dispute With Kuwaiti Investment Firm

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Dubai Finally Unlocks $500m In Frozen Funds, Ending 15-Month Dispute With Kuwaiti Investment Firm

By Dominic Dudley
Contributor
Forbes

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.

Read the full story in Forbes.