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.