Abu Dhabi – Mubasher: Sharjah Group (SG) has received an execution notice to pay an amount claimed as part of athe verdict that was stated in its financial statements for the first half of 2016, according to a bourse filing.

This verdict will negatively impact the company’s operational business, it said on Wednesday, adding: “the timing of its payment, on the basis of information presently available, cannot be determined [and] accordingly it has been classified as current liabilities”. 

On 20 July, SG announced in its financial statements that a final verdict dated November 2010 required it to pay $5.7 million (or its equivalent in KWD) and interest of 7%, using the exchange rate announced by the Central Bank in Kuwait (CBK) in December 1999, of the claimed amount for the period starting 22 June 1992 to the date of settlement.