Development in the “Distinguished Choice” lawsuit against “Boubyan” and “Al-Tijari”

Kuwait – Mubasher: Noor Financial Investment Company announced that there has been a development in the appeal case of Al-Ikhtiyar Al-Mumayz General Trading and Contracting Company – a settlement company – against Boubyan Bank, the Commercial Bank of Kuwait and others.

And “Noor” stated in a statement to Boursa Kuwait today, Thursday, that this is related to an urgent lawsuit to partially stop the implementation of the decision of the Extraordinary General Assembly of Boubyan Bank issued on March 23, 2022, and the consequences of that.

The Court of Appeal decided to accept the appeal in form and subject matter by rejecting it and upholding the appealed verdict, while obliging the appellant to pay expenses and 20 dinars for attorney’s fees, and “Noor” noted that there is no financial impact at the present time for that ruling.

And the ruling of the first instance had previously ruled in October 2022 that it lacks qualitative jurisdiction to hear the case, while obliging the plaintiff to pay the expenses.

It is noteworthy that the Ordinary and Extraordinary General Assembly of Boubyan Bank approved in March 2022 the recommendation of the Board of Directors regarding the proposed dividends for the past year, the election of a Board of Directors for a new term, and the increase of the Bank’s authorized, issued and fully paid capital from 318 million dinars to 373.8 million Dinars through bonus shares, and shareholders’ subscription for the capital increase.

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