BCC 298/2020

This case involved a claim by an investor for compensation as they stated they had not received documents about the investment or a profit share. The court had been wrong to ignore documents about the purchased shares.

Background

A claimant filed a case against a company and two of its managers. He requested the court to order the defendants to pay him $4509000 and legal interest of 10%. He also requested the court to order the defendants to pay him $1M as compensation for damage. He said that he had paid an amount of money into the company’s account in order to invest in it. He said that the managers of the company had failed to release a contract for him and pay his share in the profits.

The court ruled that the defendants should pay the claimant 70000 Dinars and annual interest of 2%.

The disputed parties appealed the ruling before the court of appeal. The court dismissed the defendant’s appeal. The court amended the appealed ruling and ruled that the defendants should pay the claimant 4350000 Dinars and annual interest of 2%.