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KBT ordered to pay Mazaya $2.8m

KBT ordered to pay Mazaya $2.8m
Photo Credit: Arabianeye-Reuters
MAZAYA
MAZAYA
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Kuwait – Mubasher: Kuwait Business Town Real Estate (KBT) has been ordered to pay Mazaya Holding KWD 837,806 ($2.76 million).

As per the court ruling, KBT is to pay the sum with legal interest of 7% per year as of 24 June 2013, until the sum and fees have been fully paid, in addition to KWD 1,000 as actual legal fees, Mazaya said in a filing to the Kuwait Stock Exchange (KSE).

The settlement will result in profits for the company, Mazaya said, adding that it will include these profits in its financials once it receives the sum from KBT.

The Kuwaiti real estate firm previously filed two appeals against the arbitration award in favour of Mazaya, both of which were annulled in the court ruling.