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Find out moreWelcome to the Saudi Arabia focus edition of Law Update.
One of the key markets in the Middle East and North Africa (MENA) that continues to lead from the front is the Kingdom of Saudi Arabia (KSA). As the largest country in the Middle East and the 18th largest economy in the world, the progress KSA continues to make is underpinned by its Vision 2030 that envisions developing the country as an investment powerhouse and hub that ultimately connects Asia, Europe, and Africa. Given Saudi Arabia’s significance to the regional economy, our team of experts have prepared a range of pertinent articles that provide insights into new laws, regulations, and the legal landscape in the Kingdom.
This edition will provide you with an up-to-date guide on matters such as; the framework issued by the Saudi Central Bank on IT governance, the anti-corruption landscape under Vision 2030; we also provide practical tips for dispute avoidance. This is only a snapshot; there are many more articles within the KSA focus section for you to read, which we hope you will find valuable and enjoyable.
Read the 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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