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Arab Banking Writes Off 90% of $120 Million Debt, Seyassah Says

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June 22 (Bloomberg) -- Arab Banking Corp. wrote off 90 percent of the $120 million debt owed to it by International Leasing & Investment Co., Al-Seyassah reported, citing unnamed people familiar with the issue.

The Kuwaiti-based Islamic leasing and project-financing company will only pay $12 million to its Bahraini creditor, according to the newspaper. International Leasing also owes $60 million to Kuwait and Middle East Financial Investment Co., Al-Seyassah reported.

To contact the reporter on this story: Dahlia Kholaif in Kuwait at dkholaif@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net