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.

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