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FINANCIAL NEWS
Kuwaiti KIO’s Torras Hostench wins USD21.31m court ruling
07 Oct 2015
(MENAFN) Kuwaiti and Spanish legal teams have won a court ruling of USD21.31 million for Torras Hostench, a subsidiary of the Kuwait Investment Office (KIO), Fatwa and Legislation Chairman Justice said.
The chairman told KUNA that the writ of execution was ordered by a court in Barcelona. He added that USD31.4 million was deposited as a guarantee to carry out the verdict.
Kuwait Investment Authority (KIA) and its subsidiaries have been countering many legal cases, however, Kuwaiti legal teams in UK, Switzerland, Spain, US and the Bahamas Islands have been directly dealing with these cases.
Final court rulings for KIA have amounted to USD3.9 billion, he pointed out, stressing the importance of exerting legal efforts to protect Kuwait’s public funding anywhere.
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