Mubasher: Alafco Aviation Lease and Finance Company has filed a lawsuit against The Boeing Company after several failed attempts by Alafco to reach a settlement to return advance payments worth $336 million.

Alafco further demands compensation due to the cancellation of its order of 40 Boeing 737 MAX aircraft, according to a stock exchange statement on Thursday.

Alafco added that it will announce further details in this regard in due course.

It is noteworthy that in the first quarter (Q1) ended on 31 December 2019, Alafco’s net profits leaped by 103% year-on-year (YoY) to stand at KWD 9 million, compared to KWD 4.4 million in the same period of the previous year.