Reference to the Capital Markets Authority's Regulations concerning Disclosure of Substantial Information prescribed at Chapter 4, Book (10), Article 4-1-1/ 14, and subsequent to our previously-sent letter on 10/11/2016.

 

Date: 06/12/2016

 

Listed Company: Kuwait International Bank
 
Lawsuit No.: 106/2012 Sales/1

Subject matter of the Lawsuit: Sale of seized real estates at public auction for debt settlement purposes  

Date of Court  Verdict: The lawsuit was heard on 5/12/2016 whereby the court decided to refer the case to Experts Department in order to appraise the  real estates’ value i.e. sale subject-matter. Next session is scheduled on 27/3/2017 for submittal of the experts’ report.  

Competent Court: Sales Court (Preliminary Judgment) 

Litigants: A KIB customer

Court verdict issued in favor of: ــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــ

Verdict  of First Degree Court: ــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــ

Verdict  of the Court of Appeal: ــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــ

Verdict of Court of Cassation: ــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــ

 

Impact of the Substantial Information on the Company’s Financial Position: None.