Zain Kuwait wins $527 mln case against Saudi Plastic Factory

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.