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.