KUWAIT CITY, July 8: In a final court ruling, the Court of Cassation, headed by Chancellor Khaled Al-Muzaini, has rejected the appeal filed by the directors of TIMAS, reports Al-Seyassah daily.
The courts of First Instance and the Appeal had earlier ruled that the managers of TIMAS be required to pay approximately 1.5 million dinars – the value of terminating the real estate investment portfolios.
The lawsuit filed by Attorney Ali Al-Musawi, summarized his client had signed with the TIMAS company several investment contracts to form real estate portfolios with profits and returns ranging up to 100 percent and installments to be paid according to the terms of the settlement contract concluded between the two parties.
Al-Musawi demanded that the defendant be obliged to pay the said amount saying his client has the right to it, because it is a limited liability company and it is not entitled to invest in the interest of others, according to which it must return the money it received for investment without authorization to do so, as this was the case after the company was involved in large debts and other criminal cases. Al-Musawi pointed out that the company failed to pay the installments after paying the first installment.
By Jaber Al-Humoud Al-Seyassah Staff and Agencies