Al Mazaya Holding Co (K.S.C) a leading property firm in the region, signed a contribution contract with “Oman Construction” to share in a real estate investment portfolio in Oman with a capital of OMR 3.1 million. Al Mazaya’s share is 40% while 12% is for Oman Construction and 12% for “Mina” real estate company. The remainder of the percentage is submitted for IPO from a chosen group of investors and real estate companies.
Oblige Kuwait Business Town Real Estate Company in the amount of compensation benefits Of KD 837.806
With reference to the above subject, please be advised that a ruling in case No. 5528 of 2014 was rendered. The verdict was delivered in favor of Al-Mazaya Holding Company K.S.C (Holding) as follows:
The court ruled in a commercial matter:
First: The Court affirmed the cause of action in form.
Secondly:The Court accepted the intervention of a new litigant (Mahmoud Al-Hussein Abdul Salam Abdul Fattah Mustafa) in the lawsuit in form.
Thirdly: The invalidity of the impugned ruling announced by the Arbitration Center at Kuwait Chamber of Commerce and Industry in the request for arbitration No. 3/2013 dated 22/6/2014.
Fourth: In substance by abiding the plaintiff ( Kuwait Business Town Real Estate Co.) to pay to the defendant (Al-Mazaya Holding Co.) an amount of KD 837,806.261 (Only Eight Hundred Thirty-Seven Thousand, Eight Hundred and Six Kuwaiti Dinar, 261 Fils), plus its legal interests by 7% per annum as of 24/6/2013 till full payment with charging the Plaintiff the expenses and an amount of one thousand Kuwaiti dinar for actual legal fees, which will result in profits equal to the amount awarded in favor of the company, in a reverse to provisions previously taken for the abovementioned amount. This will be included in the company’s financial statements upon execution of the judgment and receipt of payment.
