The Second Commercial Division of the Court of Cassation, presided over by Judge Younes Al-Yaseen, rejected the appeal filed by the former Chairman and Deputy Chairman of the Board of Directors of Al-Abraj Holding Company.
The court upheld the previous ruling that required them to pay Boubyan Bank a provisional compensation amount of KD5,001 for the damages caused. The lawsuit, filed by Abdulhamid Al-Sarraf & Partners on behalf of their client, Boubyan Bank, stemmed from a significant debt owed by the company, led by the first defendant as Chairman and the second defendant as Deputy Chairman.
The company’s board, under their leadership, committed several financial legal violations, leading to the company’s severe decline in performance. This deterioration resulted in substantial debts to Boubyan Bank and other creditors, amounting to multiples of the company's capital, prompting the bank to file the lawsuit.
In the initial proceedings, the Court of First Instance ruled that the defendants (the Chairman and his Deputy) must compensate the bank with KD 5,001 for the damages caused by their wrongful actions. Dissatisfied with the verdict, the defendants appealed. However, lawyer Al-Sarraf, representing the bank, successfully defended the ruling before the Court of Appeal, which rejected the appeal and upheld the original decision.
The defendants subsequently took their case to the Court of Cassation. Once again, Al-Sarraf argued on behalf of the bank, countering the defendants’ grounds for appeal and affirming the correctness of the previous rulings, which held the defendants responsible for compensating the bank. The Court of Cassation ultimately rejected the appeal and confirmed the earlier rulings.
https://www.alraimedia.com/article/639803
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