Court Judgement Issued Against Barwa Real
Estate from the Court of Cassation
December 02, 2018
Barwa Real Estate Company announced the
issuance of a judgement from the Court of Cassation in Qatar
regarding the appeal no. 423/2018 filed from Barwa against
Panceltica for Ready Made Buildings Company “Under Liquidation”.
The outcome of the said verdict is that Barwa Real Estate
Company (Q.P.S.C.) is committed to pay Panceltica an amount of
QR 153,056,303.64 (one hundred fifty-three million fifty-six
thousand three hundred and three Qatari riyals and 64 dirhams)
as well as expenses.
The facts of the court case subject of the
Court of Cassation judgement mentioned above, refers to a
dispute regarding a construction contract between Barwa Real
Estate Co. and Panceltica for Ready Made Buildings Company
“Under Liquidation”. The dispute was related to Barwa Real
Estate Company’s project in Mesaimeer and Al-Sailiya areas,
where both parties exchanged filing cases against each other
during 2009 and 2010, a matter which ended with the issuance of
the mentioned Court of Cassation ruling.
By issuance of the said verdict, the judged
amount became final. Barwa is expected to pay such amount in
cash, additionally this ruling will affect the Statement of
Profit or Loss of the company for the fourth quarter of 2018,
since the amount of QR 133 million will be added to expenses.
|