By a court decision, Mashreqbank obtained a judgment transferring the ownership of nearly 150 million shares in Depa, which is listed on Nasdaq Dubai, to its account as an executive measure in exchange for guarantees provided to the troubled Arabtec.
According to Arabiya Net, the bank stated that the shares were mortgaged in favor of the bank under a mortgage contract and a credit facility agreement with Arabtec Holding.
The bank did not mention the value of the facilities it provided to Arabtec or the value of the shares it obtained under the judicial decision.
Last month, the bank announced that it had reached a settlement with the New York State Department of Financial Services (DSF), the Office of Foreign Control (OFAC) of the US Treasury, the Federal Reserve and the Federal Reserve Bank of New York.
The bank said the settlement related to certain actions involving US dollar transactions that occurred more than 10 years ago.
