2 Feb 2013

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Pouting beauties of the desert

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Beckham heading to the City of Light

US Muslim clothing firms fill a void

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NO: 15706 - Friday, February 1, 2013

www.kuwaittimes.net

Zain wins boardroom tussle From the very beginning I’ve stated that the election process is correct: Bader Al-Kharafi

KUWAIT: Telecom giant Zain said it had won an appeal against a discrimination lawsuit filed by a member of the ruling family, according to a statement on the stock exchange yesterday. The lawsuit, filed by Sheikh Khalifa Ali AlKhalifa Al-Sabah, accused Zain of unfair selection of members to the board of directors in April 2011. The court of cassation rejected the essence of Sheikh Khalifa’s lawsuit in a hearing on Wednesday and ordered him to pay the fees associated with the case, the filing said. The ruling was final since the court was the highest legal body in Kuwait for the suit, it added. At the April board meeting, Sheikh Khalifa was voted off the board, and Bader Al-Kharafi, the vice chairman of Kharafi Group, was elected in his place. Sheikh Khalifa had steadfastly and successfully opposed the Kharafi-led proposed sale of a 46 percent stake in Zain to Etisalat, with the Kuwaiti company’s feuding board one of the reasons why UAE’s top telecom operator scrapped its $12 billion offer in

March 2011. The ruling closes the curtain on a judicial dispute that lasted nearly two years, and agrees with the appeals court to drop the ruling of the first instance court. Commenting on the ruling, Kharafi said the ruling is another proof of Zain’s credibility and that of its major shareholders. He said Kharafi Group was confident from the start that the general assembly’s decisions were taken according to correct procedures and were within the rules. Kharafi thanked Kuwait’s just judiciary for its ruling in favor of the board of directors two years after the judicial dispute. Zain’s lawyer Hussein Al-Ghareeb said the cassation court upheld the appeals court ruling and removed all suspicions made by the contestant on the validity of the general assembly’s decision and the election of members of the board of directors. He said there are no longer any reasons to raise suspicion on the validity of decisions taken by the said general assembly. — Agencies

Bader Al-Kharafi

Asa'ad Al-Banwan


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