In a historic ruling that was watched closely by all Kuwaitis involved in the Kuwait Stock Exchange, Attorneys Mr. Najeeb Al Wagayan and Mr. Nader Al Awadhi were responsible for securing a legal victory on behalf of the Al-Khorafi Group in the Court of First Instance.

The Stock Exchange had earlier banned the shareholding interest of the Al-Khorafi Group and several other shareholder groups from various activities in publicly-traded companies over alleged irregularities regarding the Stock Exchange’s disclosure laws. However, upon argument by Mr. Al Wagayan and Mr. Al Awadhi, the Court issued its judgment overturning the Stock Exchange’s ban.

Specifically, the Court presided by Mr. Adel Al-Kandari and Messrs Abdul-Salam Al-Najar and Hisham Al-Bassam ruled in the case presented by AWAS on behalf of Mohammed Abdul-Mohsen Al-Khorafi and Sons for General Trading, Contracting and Industrial Undertaking, and Mohammed Abdul-Mohsen Al-Khorafi Holding Company, against the Minister of Commerce and Industry, in his capacity as the highest president of Kuwait Stock Market (1) and the Stock Market President in his capacity as well as Stock Market Manager (2), where the court cancelled the order subject of the case for what it contained as penalties against Mohammed Abdul-Mohsen Al-Khorafi Holding, by dismissing 38.78% of the Al-Mal Investment Company shares as shown within the conditions, and to compel Stock Market Manager to pay both plaintiffs temporary indemnities while rejecting further requests. The court also compelled the defendant to pay attorney fees.