Al Imtiaz Investment K S C Public : Supplementary Disclosure Lawsuits & Court Judgment
March 07, 2024 at 08:34 am EST
Share
Date: 07/03/2024
Ref: 043/BK/CAD/2024
Boursa Kuwait Company
Kuwait
Subject: Supplementary Disclosure of Lawsuits & Court Judgment
In reference to the above subject, please find attached disclosure form of lawsuits & court judgment in accordance with Book Ten (Disclosure and Transparency) of the Executive bylaws of Law No. (7) of 2010 regarding the establishment of the capital markets authority and regulating securities activities and their amendments.
Boursa Kuwait Company is kindly requested to return Al-Imtiaz Investment Group Company's shares to trading.
Sincerely,
Saad Sami Al Bader
Acting Chief Executive Officer
Disclosure of the lawsuits & Court Judgment
Date
Name of the listed Company
Case No.
Case Subject
Judgment Date
The Court that Issue the Judgment
Parties of the Case
07/03/2024
ALIMTIAZ INVESTMENT GROUP COMPANY
First Degree court 4921/2019 General Commercial/19. Appeal Court commercial/4 3442-3784/2021 - Court of Cassation 2869/2022 Commercial/1- Automated Number: 192341680
A lawsuit claiming an amount
06/03/2024
Court of Cassation
Alimtiaz Investment Group Company (respondent, appellant, and appellee)
Aayan Al Khalijiah Company (plaintiff, appellants, appellees)
The Judgment is in Favor of
The Concluding Judgement of the Court of First Instance
The Concluding Judgement of the Court of Appeal
ALIMTIAZ INVESTMENT GROUP COMPANY
The court ruled to oblige the defendant to pay the plaintiff an amount of KWD 26,948,097 (Twenty-six million nine hundred and forty-eight thousand and ninety-seven Kuwaiti dinars) and obligated the defendant to pay the expenses and an amount of one thousand Kuwaiti dinars in exchange for the actual legal fees.
The court ruled in favor of the Appellant (Alimtiaz) by overruling the rule of the First Instance Court and ruled to remove the case from the roll and oblige the Appellee (Aayan Al Khalijiah Company) to pay 400 K.D for attorney fees.
The Commercial Cassation Circuit/1 reviewed the appeal for cassation in its first session on 6/3/2024 and issued its ruling on the same day as follows:
The Concluding Judgement Firstly: Accepting the appeal procedurally. of the Court of Cassation
Secondly: Regarding the subject of the appeal for cassation of the contested judgment, the appellant was ordered to pay the initial costs and an amount of twenty dinars as attorney fees.
The Potential Effect of the Judgement on the Company
Thirdly: Concerning the second appeal No. 3784 for the year 2021, commercial civil government, it annulled the appealed judgment regarding the rejection of the interest request and ruled for it from the date of issuance of this judgment at a rate of 7% annually until full payment, and upheld it otherwise. The appellant was ordered to pay the initial costs and an amount of two hundred dinars as actual attorney fees.
Fourthly: Regarding the first appeal No. 3442 for the year 2021, commercial civil government, it was rejected, and the appellant was ordered to pay the costs and an amount of twenty dinars as attorney fees. The financial impact cannot be determined because the final value of the judgment is not known, and the impact will be determined after the execution is being initiated by the opposing company. Our Company will take immediate legal proceedings to invalidate the cassation judgment, as the contract between the two companies stipulates arbitration as a mean for conflict settling, and since the property in the contract is located in Qatar.
Saad Sami Al Bader
Acting Chief Executive Officer
Attachments
Original Link
Original Document
Permalink
Disclaimer
Alimtiaz Investment Group Co. KSCP published this content on
07 March 2024 and is solely responsible for the information contained therein. Distributed by
Public, unedited and unaltered, on
07 March 2024 11:45:03 UTC.
Alimtiaz Investment Group Co KSCP is a Kuwait-based company engaged in the direct investment, financial structuring and asset management in accordance with the provisions of the Islamic Sharia in the Gulf countries markets. Its business operations are targeted at the financial and banking sectors, investment, industrial, real estate and service based sectors. The Company's main operations include: Investment, which involves direct and indirect investments, assets management and private ownership, as well as arranging acquisitions and mergers of companies; Consulting and company restructuring services include financial consultations for corporate, institutions and individuals, and establishing banks, financial institutions and specialized companies, and Asset management and financial brokerage offers arranging joint financing for companies and enterprises in economic sectors, carrying out securitization and issuance of Islamic sukok, and managing financial and investment portfolios.
AL IMTIAZ INVESTMENT GROUP COMPANY - K.S.C. (PUBLIC) 
