Disclosure on Lawsuit
Reference to the Capital Markets Authority's Regulations concerning Disclosure of Substantial Information Chapter 4, Book (10), Article 4-4-1/14, attached therewith is Template (8) concerning Lawsuits and Judicial Verdicts.
Disclosure regarding the Bank’s appeal against a court verdict for which an earlier disclosure has been issued on 18/2/2016
Name of Listed Company: Kuwait International Bank
Lawsuit No.: 1117 of 2016 Appeal Commercial (2)
Subject of the Lawsuit: An appeal against the court verdict No. 1013 of 2014 commercial civil first instance governmental 13 issued regarding the derivative action on 16/2/2016
Date of the Verdict: -----
Competent Count: First Instance
Litigants: Al-Dawli Customer
In favor of: -----
Wording of the First Instance Court Verdict: The customer shall be abided by payment of the principal amount of debt of KD 9,905,000/- without any profits.
Wording of the Appeal Court Verdict: None. The appeal has been held for hearing scheduled on 27/3/2016 – first session
Wording of the Court of Cassation Verdict: None
Predictable Effect: No effect until issuance of a final and binding verdict as well as execution thereof.