Carlyle acted without a licence: NIG

DUBAI - 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 licence as it seeks to have its case heard in Kuwaiti courts.

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Published: Mon 27 Aug 2012, 10:17 PM

Last updated: Tue 7 Apr 2015, 2:34 PM

The latest claim by Kuwait’s National Industries Group, or NIG, adds a new twist to its more than 2-1/2-year legal challenge to Carlyle, and could complicate the American company’s relationships with other wealthy Mideast investors.

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.



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