IIG's and its associated
businesses continue to trade on a normal basis
International Investment Group K.S.C.C ("IIG") has
notified IIG Funding Limited that it has not paid a periodic
distribution amounting to US$ 3,353,062.50 which was due on 12
April 2010 in respect of US$ 200,000,000 Trust Certificates (Sukuk
al-Mudaraba) due 2012.
Notwithstanding the above announcement IIG wishes to confirm
that IIG's and its associated businesses continue to trade on
a normal basis and the day to day operations of such
businesses have not been effected by the above event.
IIG is seeking to establish a forum to enable it to engage in
a constructive dialogue with all of its creditors with a view
to ensuring that its businesses continue to operate on a
IIG has engaged the services of the international accountancy
practice, KPMG Advisory W.L.L. and NEN Al Wagayan Al Awadhi Al
Saif working with international law firm DLA Piper in order to
provide assistance in relation to evaluating IIG's
KPMG has started independent business review exercise and
their scope of work includes preliminary assessment of IIG's
present financial position and the options available to it.
The intention is that an interim report will be provided by 31
May 2010 with a final report available by 30 June 2010.
Public Relations & Marketing Department
International Investment Group K.S.C.
Tel: (965) 2242-9010
Fax: (965) 2242-9020
P.O. Box: 29448 Safat, 13155
State of Kuwait
Date : April 22, 2010