International Investment Group (IIG) of Kuwait said it is unable to pay $152.5 million to sukukholders who demanded immediate repayment after the Kuwaiti finance company defaulted on its $200 million Islamic bond.
In April, IIG became the second Kuwait-based firm in a year to miss a sukuk payment.
Investment Dar Co., owner of half of Aston Martin Lagonda Ltd., missed a payment on a $100 million Islamic bond in May 2009.
Global Investment House KSCC, Kuwait’s biggest investment bank, defaulted on loan payments in 2008.
http://www.arabianbusiness.com/593485-kuwaits-iig-defaults-on-1525m-sukuk
