Zain Kuwait wins $526 mln case against Saudi Plastic Factory

Mobile Telecommunications Co. (Zain Kuwait) said it received a final ruling from the International Court of Arbitration on March 21 ordering Saudi Plastic Factory, one of the co-founders of Zain Saudi, to pay more than $526 million to Zain Kuwait.

In a bourse statement, Zain Kuwait said the amount is divided into two parts: $496 million representing the original claim, and over $30 million for commissions and delay interest.

Zain Kuwait will take the necessary legal measures in this regard, it said.

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.

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.

Saudi Plastic Factory owns a 5.84 percent stake in Zain Saudi.