Con­tracts an­nulled:

Arab Times - - LO­CAL -

In a law­suit that falls un­der the real es­tate fraud se­ries, the Com­mer­cial Cir­cuit of the Court of Ap­peals ruled on the an­nul­ment of three real es­tate con­tracts signed by a ci­ti­zen and a real es­tate com­pany, says Al-Seyas­sah daily.

The court or­dered the com­pany to re­turn the money paid by the ci­ti­zen – SAR700,000 or the equiv­a­lent in Kuwaiti Di­nars at the time of ex­e­cu­tion in ad­di­tion to KD10,000 as moral and ma­te­rial com­pen­sa­tion.

At­tor­ney Ali Al-Ali, who filed the law­suit on be­half of his client, re­vealed that the lat­ter signed three con­tacts with the com­pany to es­tab­lish a real es­tate port­fo­lio with the aim of in­vest­ing the money paid by his client in buy­ing and sell­ing land as well as con­struc­tion of build­ings and real es­tate prop­er­ties for the pur­pose of sell­ing them. How­ever, the com­pany vi­o­lated the 13th item of the con­tracts which al­lows his client to look at the ac­counts books re­lated to the real es­tate port­fo­lio.

The court said the ac­tion of the com­pany harmed the ci­ti­zen, as it de­prived him of the pro­ceeds of his in­vest­ment and barred him from check­ing the ac­counts books.

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