High Civil Court orders $90,000 repayment to Gulf investor

TDT | Manama

Email: mail@newsofbahrain.com

A Gulf investor has won a High Civil Court judgment ordering the fourth defendant to repay $90,000, after the court found no proof she returned the principal or paid any profit once the agreed term expired.

The court also ordered her to pay BD776.500 in court fees, BD1,000 in lawyers’ fees and BD500 for the expert.

In its reasons, the court said the case papers and an expert report commissioned by the claimant showed the $90,000 was paid to the fourth defendant under a placement memorandum she issued in July 2007, and deposited into her designated bank account.

That, the court said, placed responsibility for managing the investment and returning the funds on her.

The court said the file contained no evidence that the defendant paid the claimant any profit or repaid the principal after the agreed five-year term, which it treated as a breach of contract.

The investor’s lawyer, Dina Al Qumaish, said her client held an investment portfolio with the defendants and added $90,000 after being offered an arrangement linked to an infrastructure project.

Under the terms, she said, he was due to receive the principal and profit after five years. She said the years passed without any profit being paid and without the investment being returned.

She added that the refusal to pay continued for close to a decade, from 2014 until the claim was filed, causing direct financial loss.