3 international destinations to visit in 2019 NIG’s lawsuit focuses on a Carlyle investment fund that was one of the earliest casualties of the financial crisis when it collapsed in 2008. The fund has been the subject of multiple lawsuits against Washington-based Carlyle.In a motion filed this month with a Delaware court hearing the case, NIG argues that the dispute should be heard in Kuwait because Carlyle lacked the legal basis to pitch the deal there in the first place.Selling foreign securities or shares in investment funds in Kuwait requires a license from local authorities, according to a declaration by lawyer Ahmed Zakaria Abdel-Magied filed by NIG attorneys. He added that marketing such investments without a license makes the underlying deal invalid.NIG said Sunday it believes it is entitled to the return of its $25 million investment under Kuwaiti law.“Carlyle was more than happy to conduct its sales presentations in Kuwait and close its deals in Kuwait,” NIG’s general manager, Ahmed Hassan, said in a statement. “But now that the moment has come to deal with the ugly aftermath … Carlyle would prefer to try its luck in Delaware.”Carlyle has tried hard to woo clients in the oil-rich Gulf Arab states. It opened an office in the Mideast financial hub of Dubai in 2006, and its shareholders include Mubadala Development Co., an investment company owned by the United Arab Emirates capital, Abu Dhabi. Sponsored Stories Like many Gulf companies, it has struggled to meet its debt obligations in the wake of the financial crisis. Faced with a looming $475 million loan repayment due earlier this month, it approached its lenders about reworking the terms on the debt so it could repay over a longer period.Just days before the Aug. 16 repayment deadline came due, NIG announced it was calling off the effort to adjust the repayment terms because it had managed to line up new financing.___Schreck reported from Baghdad.(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.) Associated PressKUWAIT CITY (AP) – A Kuwaiti company suing the Carlyle Group over a $25 million investment that went bad is now accusing the private equity firm of marketing the deal without a license as it seeks to have its case heard in Kuwaiti courts.The latest claim by Kuwait’s National Industries Group adds a new twist to its more than two-and-a-half year legal challenge to Carlyle, and could complicate the American company’s relationships with other wealthy Mideast investors. Mary Coyle ice cream to reopen in central Phoenix Top Stories Construction begins on Chandler hospital expansion project The Carlyle fund involved in the Kuwait case, known as Carlyle Capital Corp. Ltd., went bust in March 2008. It used high levels of debt to invest in securities backed by bundles of home mortgages that had been given a seemingly safe AAA rating by credit rating agencies.Carlyle declined to comment on the case Sunday. It has previously said it will fight NIG’s suit.“We believe these claims are without merit and intend to vigorously contest all such allegations and are currently unable to anticipate what impact they may have on us,” Carlyle said in its most recent quarterly report, filed on Aug. 14.Private equity firms such as Carlyle raise money from big investors and then use that money to invest in companies or other investments. The industry is under close scrutiny because of the U.S. presidential election and presumed Republican nominee Mitt Romney’s former role as an executive at another private equity firm, Bain Capital.Kuwait’s NIG started out in the 1960s as a building materials company and later began investing across a range of industries.It is partly backed by the Kharafi clan, one of Kuwait’s most prominent merchant families. A branch of the Kuwaiti government, the Public Institution for Social Security, is a minority investor. Former Arizona Rep. Don Shooter shows health improvement Comments Share Clean energy: Why it matters for Arizona Bottoms up! Enjoy a cold one for International Beer Day Top holiday drink recipes
Victory by the young West Indies squad in the recently concluded ICC Under-19 Cricket World Cup brought not only relief, but unmitigated joy to the West Indian cricket fan who has suffered day after day, series after series, quarrel after quarrel, as those representing us, either on the field or off the field, appear to strive valiantly to make the game of cricket relevant only to those who are interested in the scores in a match. The following day, therefore, the red carpet treatment arranged by grateful fans to the returning conquerors was welcomed. However, the joy of the real cricket fan was tempered by the bizarre rush to claim responsibility for the victory by the much pilloried president of the West Indies Cricket Board, Mr Dave Cameron. As is now usual, Mr Cameron congratulated himself and the board for the “preparation” of the team before they reached Bangladesh, conveniently forgetting that the successful coach of the team, on his arrival in Bangladesh, bemoaned the lack of match preparation of the team before their arrival in the venue of the World Cup. COACH’S COMPLAINT The veracity of the coach’s complaint was revealed by the fact that our young heroes lost their three warm-up games against the host nation and also lost their opening game against England. After a start like that and the ensuing media firestorm after the win against Zimbabwe, the resilience and character shown by the team, and to no small extent, the coach and the experienced staff that accompanied the team, is one of the reasons the West Indies triumphed. It has absolutely nothing to do with Mr Cameron and his fellow executives, who are determined to stay in charge of West Indies cricket against the wishes of some fans, some prime ministers, and some of the ordinary citizens of this region. That cut like a knife when his self congratulatory statement was heard. Every fan and student of the game now recognises the importance of keeping this group of cricketers together, while continuously exposing them to superior skills. The call to “do a South Africa” and include fast bowling sensation Alzarri Joseph into the senior squad in time for the June series of international matches – as was done by South Africa after their triumph in the last World Cup on the back of their fast bowler, Kagisi Rabada – has been initiated by Tony Cozier, a noted West Indian scribe and cricket guru. This call is reasonable and makes excellent cricketing sense, but the implementation of this suggestion has to be ratified by a group of men (the selectors). Previous groups of young West Indians have been neglected, and as a consequence, they are out of the sport. As long as this board remains in charge, I do fear that the same neglect will follow, no matter what the president says now.