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Find out moreWe are excited to share the latest edition of the Law Update, beautifully and appropriately titled “Sustainable Horizons: The Saudi Arabian Vision.” Giving special honor to the Kingdom’s 2030 vision, this update focuses on a collection of both informative and inspiring articles.
For those in construction, you can learn about how the tendering environment impacts risk-pricing for contractors, the updates on the legal framework of the construction industry and how contractors can protect themselves against financial difficulties.
There is good news too from the kingdom’s banking sector, from which the practice of “Open Banking” is being pushed for! But what is open banking? We’re answering that too.
Also . . . Are there any women trail blazers in Saudi Arabia you can name? We’ll help you with that. We cover how the Middle East has been making strides in empowering women in the entrepreneurial space,most notably in STEM fields.
Read the full editionRami Al Tal
Background
Court of first Instance
The Claimant filed a claim against the Defendant to claim the limit of the insurance policy, due to the fact that the Claimant is entitled to indemnity under the policy, up to the policy limit for employee infidelity. As the Branch Manager breached the trust by not following established procedures and transferred the money before confirming with the bank that there was money in the account.
The court has decided to refer the matter to an expert in order to:
The expert reached the following conclusions:
The expert did not reply to the court query of whether he deliberately performed the transaction or not. The expert left this point to the court to consider because it is a legal point.
The Claimant confirmed to the court that the Branch Manager committed an intentional mistake to benefit from the funds, which is apparent from the following facts:
The Court of First Instance rendered its judgment in favor of Claimant by ordering the Defendant to pay the Claimant the amount of USD $ 1,975,000 with 9% interest from the date of filing the claim until the full payment, in addition to all expenses and fees.
The Defendant has filed an appeal before the Court of Appeal to challenge the Court of First Instance judgment. The Court of Appeal has not rendered a judgment yet.
The abovementioned judgment is currently under the appeal, and we will publish a further article once we receive the outcome of the appeal court judgment.
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