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IFA witnesses precautionary seizure by local bank

IFA witnesses precautionary seizure by local bank
IFA has settled and rescheduled 86% of its total debt
IFA
IFA
1.58% 70.90 1.10

Mubasher: International Financial Advisors (IFA) has announced a precautionary seizure by one of the local banks on the company due to an owed amount of KWD 8.8 million ($29 million).

The debt amount is subject to a dispute between the company and the local bank, according to the company's disclosure to the Dubai Financial Market (DFM) and Boursa Kuwait on Wednesday.

The company confirmed that the seizure is only precautionary and not executive, and it will take all necessary procedures to challenge it.

In the recent period, IFA has settled and rescheduled 86% of its total debt related to bank loans, achieving a profit of KWD 30.26 million.

However, a single debt with one of the local banks has not been reached or scheduled.

The company referred that the precautionary seizure will not have a financial impact.

It is noteworthy to mention that during the first nine months of 2020, IFA has turned to profitability to record KWD 780,200, against net losses of around KWD 4.21 million in the year-ago period.