KCC 653/2003
Type
Case
Court
Kuwait Court of Cassation
Jurisdiction
Kuwait
Taxonomy
General Banking & Finance Law, Guarantees, Compensation
Copyright
LexisNexis
Decision date
4 Apr 2005
Catchwords
Banking – Guarantee – Interest – Compensation
The initial dispute involved a request for money and interest owed to a bank be paid and a guarantee cancelled.
Background
A company filed a case against a defendant and requested the court to order the defendant to pay an amount of money and compensation and release a banking guarantee. The court ruled that the defendant should pay the company 80244.50 Dinars and release the banking guarantee.
The company and the defendant appealed the ruling before the court of appeal. The court changed the appealed ruling and ruled the defendant should also pay 7% legal interest.
The defendant appealed the ruling before the court of cassation.
Decision
The court of cassation repealed the ruling and determined a date in order to consider the case.
The court then abandoned the appealed ruling and rejected the case made by the company.