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Kuwait's top Islamic firm, Investment Dar, has defaulted on a $100 million Islamic bonds (Sukuk) issue as it battles the impact of the global financial crisis, its Bahrain unit said.
The Investment Dar Sukuk Company said in a statement posted on the Bahrain Stock Exchange that an event of default had occured in the payment of the periodic distribution amount to Sukuk certificate holders.
The payment was due on April 27 and the "default has continued unremedied for a period of 14 days", said the Sukuk Company, adding that this constitutes a 'dissolution event'. The sukuk issue itself matures in 2010.
Like many Kuwaiti investment firms, Investment Dar, which in March 2007 bought 50 per cent of the British Aston Martin luxury car company, has been hit hard by the global economic downturn.
It became the first Islamic Gulf company and the second leading investment firm in Kuwait to announce a default on debt repayment after Global Investment House made a similar announcement in December.
