Commentary on News
Reference to Article (4-4-1) of Chapter Four, Book (10) of the executive regulations on disclosure and transparency which require that the bank must, immediately and without delay, comment on any news, rumors, speculations or information by means of clarification, negation or confirmation. Therefore, this is our commentary on the news published at Al-Qabas newspaper today 18/2/2016 under the headline “Al-Dawli”: A verdict of KD9.9 Million.
Name of Listed Company: Kuwait International Bank
No. of Lawsuit 1013/2014 Commercial, Civil, First Instance, Government/13
Purpose of the Lawsuit: Appointment of An Expert
Date of Verdict: 16/2/2016, formally referred to the ministry’s records today 18/2/2016.
The verdict has been issued by a First Instance Court.
Parties of Litigation: A KIB Customer.
The verdict has been issued in favor of the Bank whereby the customer shall be obliged to pay an amount of (KD9.905.000/-) which is the principal amount of debt net of any profits.
The verdict: First Instance: The Customer shall be obliged to pay a lump sum of (KD9.905.000/-) which is the principal amount of debt net of any profits.
The verdict of the Court of Appeal: None.
The verdict of the Court of Cassation: None
Subsequent financial effect: Currently, there is no financial effect until the final verdict is rendered since the aforesaid verdict is rendered by Preliminary Court.