| 17 Nov 2008 |
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KSE legal case delayed for Dec
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KUWAIT: The legal case concerning the call for suspension of action at the Kuwait Stock ExchangeKuwait Stock Exchange
was postponed for December 1, upon decision of the Court of First Instance presided by Chief Justice Najib Al-Majid Monday. The court case was filed by lawyers Khalid Al-Awadhi and Walid Al-Hadlaq on October 8 against the prime minister, against the minister of commerce and industry and chairman of the KSEKSE committee, and head of KSEKSE, in their official capacities. They demanded trade be halted till measures are taken to check losses at the exchange.The suspension order was issued under number 1571 last Thursday. The action was resumed at the bourse this morning virtue of an appeal and a following court ruling yesterday. The previous ruling to suspend action was to wait for review of the legal case, which was today. Attorney Adel Abdul Hadi Monday submitted to the Court of Urgent Cases a new appeal against the ruling of the Court of First Instance which on Sunday ruled in favor of the Kuwait Stock ExchangeKuwait Stock Exchange
(KSEKSE) and ordered it to reopen. The court set Wednesday, Nov 19, 2008 to look into the appeal. In another development, the Administrative Court of First Instance adjourned the hearing in the original case until Dec 1, 2008 to allow the lawyers for the plaintiffs to be briefed on the memos and documents submitted by the government lawyers Monday.On Nov 13, 2008, the Administrative Court had ordered the temporary suspension of daily dealings until the original case is heard on Nov 17, 2008. The case was filed by Attorney Abdul Hadi on behalf of his client, Khaled Al-Awadhi. In his lawsuit the lawyer said his client is a Kuwaiti citizen and is one of the dealers on the KSEKSE, like most Kuwaitis. He added his client invested most of his money on the KSEKSE depending on assurances given by Kuwaiti officials that the KSEKSE is sound and there is no need to worry. However, the man was shocked when shares at the KSEKSE dived and he lost his money.
By Moamen Al-Masri
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