LONDON – Representatives for Somali money transfer service Dahabshiil say they've won extra time to prevent Barclays Bank from pulling the plug on their remittance operations.
Project Associates says Britain's High Court has granted an interim injunction that will preserve Dahabshiil's banking arrangements with Barclays until a full trial is held.
The group accuses Barclays of abusing its dominant position in the marketplace and shutting it down without justification. Experts say withdrawing services to Dahabshiil would jeopardize 100 million pounds ($160 million) worth of remittances a year.
Barclays, which is trying to jettison Dahabshiil over money laundering concerns, said it was disappointed and would appeal the decision.
Project Associates said Wednesday the injunction was "a victory for the millions of Somalis and other Africans, many of whose livelihoods depend on our services."
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