KCC 1776/2020
This case involved whether it was possible to appeal a decision by the court of financial markets on money which had not been used to purchase shares for the claimants at the court of cassation.
Background
Two claimants filed a case against a company before the court. They requested the court to order the company to pay money in addition to an interest of 7%. They said that they had paid the company the amount in order to buy 10000 shares in an investment bank in Bahrain. They said that the company had failed to commit to their obligations and bought the shares for themselves.
The court appointed a committee of experts in order to review the case and when the committee presented its report, the court ruled that the consideration of the case did not fall within its jurisdiction and referred it to the court of financial markets.
The court of financial markets refused to consider the case because it had been previously settled.
The claimants appealed the ruling before the court of appeal. The court said that the appeal made by them was invalid.