KCC 730/2000
Type
Case
Court
Kuwait Court of Cassation
Jurisdiction
Kuwait
Taxonomy
General Company Law & Business Entities, Limitation of Actions, Financial Institutions, Compensation
Copyright
LexisNexis
Decision date
19 May 2001
Catchwords
Company – Shares – Temporary Compensation – Bank – Statute of Limitations
This case involved a request for temporary compensation from a bank, and profits from shares and interest. It was wrongly argued the bank had no right to claim the value of the remaining shares as five years had passed. However, the period in Article 102 of the company law was not a deadline or limitation period.
Background
A claimant filed a case against two defendants and requested the court to order the first defendant (a bank) to pay her temporary compensation of 5001 Dinars and the value of profits on shares and interest.
The court rejected the case.
The claimant appealed the ruling before the court of appeal. The court upheld the appealed ruling.
Decision
The claimant appealed the ruling before the court of cassation and stated in her grounds of appeal that the ruling had erred in the application of law because she had maintained before the court that the bank had no right to claim the value of the remaining shares and the decision of the bank's general assembly should be dismissed because it was five years since the IPO.