Published: Jun 22, 2014
Source: MSM

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OMAN CABLES INDUSTRY - Cassation (Supreme) Court Verdict related to a tender in Kuwait

With relation to the previous disclosure made on the 21 July 2013 where the Appeal Court Verdict found Oman Cables Industry SAOG “OCI” liable for paying the second party the amount of KWD 992,150 ( Kuwaiti Dinar Nine Hundred Ninety Two Thousand One Hundred Fifty) – equaling to OMR 1,356,000 (Rial Omani One Million Three Hundred Fifty Six Thousand) - with 7% interest.

OCI would like to declare to its shareholders that the Cassation Court in Kuwait has ruled the following:

Firstly, the Cassation Court accepted the appeal presented by OCI partially and overruled the Appeal Court Verdict and found OCI is not liable to pay the second party the amount of KWD 992,150 (Kuwaiti Dinar  Nine Hundred Ninety Two Thousand One Hundred Fifty) equaling to OMR 1,356,000 (Rial Omani One Million Three Hundred Fifty Six Thousand) - with 7% interest as was ruled by the Appeal Court earlier.

Secondly, the Cassation Court rejected the claim presented by OCI demanding the second party to pay back to OCI the amount of the Bid Bond of KWD 250,000 (Kuwaiti Dinar Two Hundred Fifty Thousand) equaling to OMR 341,000 (Rial Omani Three Hundred Forty One Thousand) - with 7% interest as was ruled by the Primary Court.

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