Acting Legal Department Manager at Kuwait Finance House (KFH) Mansour Abo Obaid that KFH filed a case because it is not subjected to the fees of lands that were stipulated in Maw (8) for year 2008, especially after it explained its correct legal status. He called for the continuity of the historic verdict reached by the Cassation Court in favor of KFH, which stipulates that KFH is not concerned with the aforementioned law. The court postponed the case to October 4th to allow the government to view the case.
It is worth noting that KFH had filed a case against the ministries of Finance, Justice, and Municipality.
Abo Obaid stressed that in May 2011, the Ministry of Justice refused several registration requests concerning the selling and acquisition of private residential real estate that KFH had submitted for its clients, since the ministry of Justice conditioned that KFH obtains a written permission from the Minister of Finance and to pay the aforementioned fees, which are KD 10 per meter if the total area of land owned by regular people is more than 5000 meters; despite the previous court verdict.
He explained that KFH is not subjected to pay those fees, since the real estate it owns are for financing purposes, not for investment or trading, since is banned from such activities based on the monetary law and the Central Bank of Kuwait. He stressed that the Real Estate Registration Department is used to ask KFH to submit papers for every deal that proves that the real estate was acquired for financing the client who has his name mentioned in the papers; thus making KFH ownership of the real estate temporary.
He expressed his confidence in the Kuwaiti judiciary system, since its requests are legitimate and legal.