Mobile Telecommunications Co. (Zain Kuwait) said it received a ruling from the Supreme Court in the UK ordering Saudi Plastic Factory, one of the co-founders of Zain Saudi, to pay $527 million to Zain Kuwait.
The telecom firm got a non-appealable final ruling in December 2016 ordering Saudi Plastic Factory to refund $527 million, and said it would pursue legal action in Saudi Arabia after officially completing the arbitration procedures and translating the verdict.
In a separate bourse statement, Oman Telecommunications Company (Omantel), which owns a 22 percent in Zain, said the court ruling will “enhance” the company’s stance before UK and Saudi tribunals.
A year earlier, the Kuwaiti company had won an arbitration ruling ordering the Saudi firm to pay that amount, but the latter appealed in UK’s Supreme Court.
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