Metal and Recycling K S C Public : Supplementary Disclosure Lawsuits and Judicial Decisions
June 23, 2022 at 01:55 pm IST
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Date: June 23, 2022
To : Boursa Kuwait
Greetings,
Subject: Supplementary Disclosure of lawsuits and judicial decisions
Metal and Recycling Company (K.S.C.P)
Pursuant to the provisions of Module ten, "Disclosure and Transparency", of the Executive bylaws of law no. 7 of 2010 regarding the establishment of the Capital Markets Authority and Regulating Securities Activities and its amendments, Metal and Recycling Company (K.S.C.P)("MRC") would like hereby to disclose the judgment of the court of first instance in accordance with the supplementary disclosure enclosed herein.
The subject of this "Compensation" case is to request the court
Case Subject
to assign an expert to evaluate the damages that incurred to
MRC that resulted from the administrative resolution to
evacuate the company from its location in South Amghara area.
Judgment date
June 22, 2022
The Court that issued the Judgement
Court of first instance
Metal & Recycling Company (KSCP)
Against
Parties of the case
- Prime Minster
- Minster of Commerce & Industry
-The General Director of the Public Authority for Industry
- the General Director of Kuwait Municipality
- The Prime Minster
The Judgement is in favor of
- Minster of Commerce & Industry
-The General Director of the Public Authority for Industry
- The General Director of Kuwait Municipality
The court of first instance issued a judgment that dismissed the Case
The Concluding of Judgment of
No. 1842/2022 Administrative /12. MRC is in the process to appeal the
Court of First Instance
aforementioned judgement.
The Concluding Judgment of Appeal
Not applicable
Court
The Concluding Judgment of
Not applicable
Cassation Court
The potential effect of the
The potential effect of the aforementioned information on the
Judgement on the company
company cannot be estimated now.
Tarek Ibrahim Al-Mousa
Vice- Chairman & CEO
Attachments
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Original Document
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Disclaimer
MRC - Metal & Recycling Company KSCP published this content on 23 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 June 2022 08:24:09 UTC.
Metal and Recycling Co KSCP, formerly Kuwait Metal Collecting and Shredding Company KSCC, is a Kuwait-based metal and plastic recycling company. Its activities include the purchase and sale of scrap and used vehicles, spare parts, metal items and machinery; waste sorting and recycling, shredding, dismantling, repairing, and reselling, as well as import of machinery and materials required for recycling, shredding and storing scraps. It is also engaged in importing recycling, shredding and storing scrap machinery and equipment, in the establishment of or contribution to the industries that are ancillary to the trade and production of scrap, in the management and development of areas of sale, purchase and production of scrap in Kuwait and abroad, as well as in the incorporation or partial ownership of industrial companies, among others. As of December 31, 2011 the Company operated four 99% owned subsidiaries, three of them based in Kuwait, and one based in Jordan.
METAL AND RECYCLING COMPANY K.S.C. (PUBLIC) 