Arab Bank, Shahin Group Reach out-of-Court Settlement
The main branch of the Arab Bank in Jordan is expected to reach an out of court settlement with Shahin Group, wherein the latter is to pay all its debts to the bank following months of legal wrangling, Jordan Times reported Tuesday.
A senior bank officer, who asked not to be named, was quoted by the daily as saying that "the deal could be reached in the coming few days" after the conclusion of talks between the two sides to end the case "out of court."
"They [Shahin Group] said that they are willing to pay us our money and settle the case once and for all in a peaceful manner," the officer told the Jordan Times.
Officials at the Shahin Group declined to comment.
Last July, the Jordanian authorities placed under sequester the assets of the three Jordanian brothers who allegedly owed a Dubai bank 77 million dollars.
The decision to freeze the assets was in response to a request by the Standard Chartered Bank in Dubai, in the United Arab Emirates.
Lawyers for the bank filed a suit with an Amman court in June claiming that the Shahin brothers, who worked as agents for German luxury cars, were incapable of reimbursing the bank by April 30th -- Albawaba.com