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Kaden Boriss builds Kuwaiti ties with privatisation bid

Kaden Boriss Legal LLP has bid for the due diligence and documentation work in the privatisation of Kuwait Airways Company along with consortium members Al Oula Law and Cox Padmore Skolnik & Shakarchy on 10 April in Kuwait.

The Delhi firm formed part of a three member consortium with Kuwaiti firm Al Oula Law (Adel Abdul Hadi & Partners) and New York based Cox Padmore Skolnik & Shakarchy for the tender.

"We were directly offered the opportunity to assist in the disinvestment work by Al Oula Law," said Kaden Boriss managing partner Hemant Batra who said he had worked in Kuwait before.

Kaden Boriss has been lined up to handle a large part of the due diligence and other documentation work if the bid is successful.

The outcome of the tender will be publicised in three weeks, said Batra.

A reported 35 per cent of the loss-making national airline will be sold at auction to foreign or local investors, with 40 per cent going to Kuwaiti citizens in an initial public offering (IPO), 20 per cent reserved for state-run institutions and 5 per cent going to the airline's local employees.

Since last month Kuwait Airways Company has been subject to a corruption probe for"administrative corruption and financial wrongdoing".

The Kuwaiti parliament decided to privatise the flag carrier two years ago.

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