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Regarding the precautionary seizure of the stocks of Ahliea Insurance Group AIG

2015-12-22

Further to Palestine Stock Exchange PEX’s request from Ahliea Insurance Group AIG to disclose the case circumstances issued by the Nablus Court of First Instance on 17/12/2015, which judged to precautionary seize AIG’s stocks that are equivalent to $2,921,614 (around 29.2% from the paid- up capital), the company responded by the claimant’s, whom is the Palestinian Road Accident Victims Compensation Fund PRAVCF, lack of entitlements to these money.  AIG noted the lack of legality to this case since both AIG and PRAVCF are headquartered in Ramallah and its Court of First Instance is specialized in solving this conflict which has previously rejected the case. The company assured that they will take the necessary legal procedures to abolish the decision and restore the situation to what it was.