IIG Funding: Portfolio shares auction set; company files grievance

By Caroline Salls

Pittsburgh, Nov. 20 - IIG Funding Ltd. and delegate Deutsche Trustee Co. Ltd. have received notice that an auction will begin on Nov. 27 to sell securities portfolio shares under a court order issued in favor of Osoul Investment Co. KSCC, according to a notice to holders of IIG's sukuk al-Mudarabah due 2012.

In response to the Osoul enforcement order, IIG Funding has instructed the security agent to file a grievance with the relevant Kuwaiti court in order to stay the order.

The company said the grievance was filed on Nov. 14 on the grounds that Osoul did not follow prescribed procedures when filing with the court.

The company also said the portfolio is pledged for the benefit of creditor IIG Funding and cited the limited value of the portfolio relative to the value of the secured debt.

The Osoul enforcement order, including the scheduled auction, will not be enforced while the grievance is being considered by the court.

IIG said it expects the filing of the grievance to be followed by the filing of a recovery petition to finally nullify the Osoul enforcement order before the final court ruling on the grievance.

IIG is an Al Safaa, Kuwait, investment company.

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