KCC 837/2000
Type
Case
Court
Kuwait Court of Cassation
Jurisdiction
Kuwait
Taxonomy
Compensation, Financial Institutions
Copyright
LexisNexis
Decision date
9 Dec 2001
Catchwords
Bank – Compensation – Shares – Collection
This case involved a request for temporary compensation from a bank which had sold shares at auction in order to get values for instalments. The laws did not include any clause that permitted the collection of the value of shares which increase the value of capital and so the shares should fall under the rules which regulated the collection of old shares.
Background
A claimant filed a case against two defendants and requested the court to order the first defendant (a bank) to pay him temporary compensation of 5001 Dinars.
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 his grounds of appeal that the ruling had insufficient evidence and he had maintained before the court that the bank had made a mistake when it sold his shares at auction in order to get the value of the second and third instalments which meant he deserves compensation.