House panel briefed on arbitration ruling in ‘Housing Bank case’

AMMAN — The Lower House Integrity Committee on Thursday was briefed on the result of the international arbitration case dubbed the “Housing Bank Stakes”, whose ruling was in favour of the Social Security Investment Fund (SSIF).

MP Mustafa Rawashdeh, head of the committee, commended the efforts of SSIF employees and lawyers for following up on the case.

SSIF Chairman Suleiman Hafez, Social Security Corporation Director General Nadia Rawabdeh, and Anti-Corruption Commission President Abed Kharabsheh attended the meeting, the Jordan News Agency Petra, reported.

The lawsuit was filed by Al Musabalah Company at the International Arbitration Court in Zurich, Switzerland. The firm claimed buying SSIF’s stake in the Housing Bank for Trade and Finance and wanted the fund to pay over JD93 million for failing to implement the alleged agreement.

The court rejected all claims made by the plaintiff, declared the signature on the alleged agreement forged and obliged the company to pay arbitration fees, which reach up to JD2 million.