With reference to the abovementioned subject, and the CMA regulations issued on November 9, 2015, book number ten”disclosure and transparency” on the disclosure of material information. Kindly be informed that the verdict has been issued in case # 90/2015 Commercial Appeal CMA/1 raised by one of the stakeholders against NIC.
The verdict was: accepting the appeal in form and cancelation of the appealed verdict with obligation of Payment of USD 2 Million or equ. in KD in favor of the person appealing plus KD 2 thousand as lawyer expenses.
The verdict suspension was opposed by the court, & NIC will be paying approximately 615 Thousand Kuwaiti Dinars representing the verdict due amount.
The amount will be reflected in Q3 financials, noting that the objective cassation appeal is still not final till date.