The Kuwaiti Court of Cassation issued in its session held yesterday, Wednesday, a final ruling in favor of Al-Mazaya Holding Company against the Kuwaiti Business City Real Estate Company.
The discrimination ruling obliged the Business City to pay an amount of 837.8 thousand dinars ($ 2.8 million) in favor of Al Mazaya, in Case No. (2015/994 - 2015/1042 Commercial Discrimination / 5). < / p>
The Court of Cassation also required Kuwait Business City Real Estate Company to pay the legal interest on the amount referred to by 7% annually, as of December 31, 2008 until the full payment.
According to a statement of benefits, the ruling will result in revenues that represent the full final amount owed to the company under the previous ruling, given the company had previously included provisions for the full value of that legal claim in its financial statements.
It is worth noting that Al Mazaya’s profits, listed on the Kuwait and Dubai stock exchanges, fell 30% in the first nine months of 2018, to reach KWD 4.82 million, compared to 6.88 million dinars in the same period in 2017.To more ..
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