KCPC wins back $10.6m bond

Court rules in favour of contractor in case involving withheld bond

NEWS, Business

Kuwait Company for Process Plant Construction and Contracting (KCPC), has announced that it has won a court case against the Public Authority for Housing Welfare.

The case involved a bond submitted by the contractor that was withheld by the authority's general manager in his role as head of the country's central tenders committee worth $10.6m (KD3m).

The contractor, which is listed on Kuwait's stock exchange, said that a verdict has been issued in the case committing the authorities to refunding the bond as well as paying interest of 7% backdated from May 25, 2010 until it is repaid.

However, it added that the verdict was handed down in the court of first instance and is subject to an appeal.

Most popular


CW Oman Awards 2020: Meet the winners
A round of the thirteen winning names at the Construction Week Oman Awards 2020 that


Leaders UAE 2020: Building a sustainable, 'resilient' infra
AESG’s Phillipa Grant, Burohappold’s Farah Naz, and Samana's Imran Farooq on a sustainable built environment
CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this

Latest Issue

Construction Week - Issue 767
Sep 01, 2020