Al-Markaz's Litigation team in presented the court with an application for the cancellation of decisions issued by the Kuwait Stock Exchange trading committee, which had denied shareholders the right to vote and participate in general assembly proceedings of listed companies in which Al-Markaz’s client, was a shareholder.
Al-Markaz sought to challenge the Trading Committee’s decisions which were seen as a matter of public concern and more importantly were based on a directive that was in contravention of the Law additionally the application of the directive caused great loss to Al Markaz’s client in light of the fact that the value of the disenfranchised shares exceeded millions of dinars. Judgment was obtained in favor of Al-Markaz ‘s client and the decisions concerned were reversed by the court with compensation being awarded to the clients for damage sustained as a result of the actions of the Trading Committee.
Lawyers Involved:
Fawwaz Al Saeed – Managing Partner
Ismail Mgly – Senior Associate