The Second Commercial Chamber of the Court of Cassation, led by Judge Younes Al-Yaseen, issued a ruling that upheld the contested judgment regarding the denial of interest for a Gulf bank, while obligating a Kuwaiti investment company to pay legal interest on the amount claimed.
The court also confirmed the previous ruling that held the company liable for $25 million. The facts of the case stem from a lawsuit filed by attorney Abdulhamid Al-Sarraf, representing First Gulf Bank (UAE), against the investment company, demanding the payment of the outstanding investment amount owed.
During the proceedings at the First Instance Court, Al-Sarraf appeared and asserted his client's entitlement to the requested amount, resulting in a judgment that mandated the company to pay $25 million to the bank. Following an appeal by the company against this judgment, Al-Sarraf's office sought the payment of legal interest on behalf of his client.
The Court of Appeals rejected the company's appeal and upheld the lower court's ruling, prompting Al-Sarraf to file a further appeal with the Court of Cassation for the inclusion of legal interest owed on the claimed amount.
The Court of Cassation ultimately ruled in favor of Al-Sarraf's client, ordering the investment company to pay the legal interest to the bank, thereby affirming the previous judgment that held thecompany responsible for the total of $25 million.
https://www.alqabas.com/article/536014
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