KCC 253/2002
Type
Case
Court
Kuwait Court of Cassation
Jurisdiction
Kuwait
Taxonomy
Civil Evidence, Civil Courts, Companies & Corporate Bodies, General Company Law & Business Entities, Financial Institutions
Copyright
LexisNexis
Decision date
2 Dec 2002
Catchwords
Evidence – Court – Company – Shares – Bank
This case involved a claim against a bank by a company which stated it had been deprived of benefiting a priority it should have had. The court rejected the case on the basis the company had not followed the correct method when subscribing to the shares but it was claimed there was no correct method stipulated in the legislation. This was incorrect as the court had the authority to establish its ruling based on the evidence.
Background
A company filed a case against a bank and requested the court to appoint an expert in order to determine the damage which had resulted from depriving the company from benefitting from a priority stipulated by Kuwait Decree No. 6/1995.
The court rejected the case.
The company appealed the ruling before the court of appeal. The court upheld appealed ruling.
The company appealed the ruling before the court of cassation and stated in its grounds of appeal that the ruling had erred in the application of law because the court had established its ruling based on the argument the company had not followed the legal way for subscribing to the shares although the legislator had not stipulated a specific way.